§490:5-103  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), sections 490:5-102(a), 490:5-106(d), and 490:5-114(d),
the effect of this article may be varied by agreement or by a provision stated
or incorporated by reference in an undertaking, except to the extent prohibited
in sections 490:1-302 and 490:5-117(d).  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. [L 1996, c 39, pt of §1; am L 2004, c 162, §15]