47-5103. Scope
A. This chapter 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 chapter 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 chapter.
C. With the exception of this subsection, subsections A and D of this section,
section 47-5102, subsection A, paragraphs 9 and 10, section 47-5106, subsection D and
section 47-5114, subsection D, and except to the extent prohibited in section 47-1302 and
section 47-5117, subsection 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
chapter.
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.
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