§ 34.1-5-116 — Choice of law and forum

Wyoming § 34.1-5-116

• Jurisdiction: Wyoming
• Title 34.1: Uniform Commercial Code
• Art. 4: BANK DEPOSITS AND COLLECTIONS

Text

(a) The liability of an issuer, nominated person, or
adviser for action or omission is governed by the law of the
jurisdiction chosen by an agreement in the form of a record
signed or otherwise authenticated by the affected parties in the
manner provided in W.S. 34.1-5-104 or by a provision in the
person's letter of credit, confirmation, or other undertaking.
The jurisdiction whose law is chosen need not bear any relation
to the transaction.
(b) Unless subsection (a) of this section applies, the
liability of an issuer, nominated person, or adviser for action
or omission is governed by the law of the jurisdiction in which
the person is located. The person is considered to be located
at the address indicated in the person's undertaking. If more
than one (1) address is indicated, the person is considered to
be located at the address from which the person's undertaking
was issued. For the purpose of jurisdiction, choice of law, and
recognition of interbranch letters of credit, but not
enforcement of a judgment, all branches of a bank are considered
separate juridical entities and a bank is considered to be
located at the place where its relevant branch is considered to
be located under this subsection.
(c) Except as otherwise provided in this subsection, the
liability of an issuer, nominated person, or adviser is governed
by any rules of custom or practice, such as the Uniform Customs
and Practice for Documentary Credits, to which the letter of
credit, confirmation, or other undertaking is expressly made
subject. If (1) this article would govern the liability of an
issuer, nominated person, or adviser under subsection (a) or (b)
of this section, (2) the relevant undertaking incorporates rules
of custom or practice, and (3) there is conflict between this
article and those rules as applied to that undertaking, those
rules govern except to the extent of any conflict with the
nonvariable provisions specified in W.S. 34.1-5-103(c).
(d) If there is conflict between this article and article
3, 4, 4A, or 9, this article governs.
(e) The forum for settling disputes arising out of an
undertaking within this article may be chosen in the manner and
with the binding effect that governing law may be chosen in
accordance with subsection (a) of this section.