§ 34.1-5-103 — Scope

(a) This article applies to letters of credit and to
certain rights and obligations arising out of transactions
involving letters of credit.
(b) The statement of a rule in this article does not by
itself require, imply, or negate application of the same or a
different rule to a situation not provided for, or to a person
not specified, in this article.
(c) With the exception of this subsection, subsections (a)
and (d) of this section, W.S. 34.1-5-102(a)(ix) and (x),
34.1-5-106(d) and 34.1-5-114(d), and except to the extent
prohibited in W.S. 34.1-1-302 and 34.1-5-117(d), the effect of
this article may be varied by agreement or by a provision stated
or incorporated by reference in an undertaking. A term in an
agreement or undertaking generally excusing liability or
generally limiting remedies for failure to perform obligations
is not sufficient to vary obligations prescribed by this
article.
(d) Rights and obligations of an issuer to a beneficiary
or a nominated person under a letter of credit are independent
of the existence, performance, or nonperformance of a contract
or arrangement out of which the letter of credit arises or which
underlies it, including contracts or arrangements between the
issuer and the applicant and between the applicant and the
beneficiary.