400.5-116. (a) The liability of an issuer, nominated person oradviser for action or omission is governed by the law of the jurisdictionchosen by an agreement in the form of a record signed or otherwiseauthenticated by the affected parties in the manner provided in section400.5-104 or by a provision in the person's letter of credit, confirmationor other undertaking. The jurisdiction whose law is chosen need not bearany relation to the transaction.
(b) Unless subsection (a) applies, the liability of an issuer,nominated person or adviser for action or omission is governed by the lawof the jurisdiction in which the person is located. The person isconsidered to be located at the address indicated in the person'sundertaking. If more than one address is indicated, the person isconsidered to be located at the address from which the person's undertakingwas issued. For the purpose of jurisdiction, choice of law and recognitionof interbranch letters of credit, but not enforcement of a judgment, allbranches of a bank are considered separate juridical entities and a bank isconsidered to be located at the place where its relevant branch isconsidered to be located under this subsection.
(c) Except as otherwise provided in this subsection, the liability ofan issuer, nominated person or adviser is governed by any rules of customor practice, such as the Uniform Customs and Practice for DocumentaryCredits, to which the letter of credit, confirmation or other undertakingis expressly made subject. If:
(i) This article would govern the liability of an issuer, nominatedperson or adviser under subsection (a) or (b);
(ii) The relevant undertaking incorporates rules of custom orpractice; and
(iii) There is a conflict between this article and those rules asapplied to that undertaking, those rules govern except to the extent of anyconflict with the nonvariable provisions specified in section 400.5-103(c).
(d) If there is conflict between this article and article 3, 4, 4A or9 of this chapter, this article governs.
(e) The forum for settling disputes arising out of an undertakingwithin this article may be chosen in the manner and with the binding effectthat governing law may be chosen in accordance with subsection (a).
400.5-116. (a) The liability of an issuer, nominated person oradviser for action or omission is governed by the law of the jurisdictionchosen by an agreement in the form of a record signed or otherwiseauthenticated by the affected parties in the manner provided in section400.5-104 or by a provision in the person's letter of credit, confirmationor other undertaking. The jurisdiction whose law is chosen need not bearany relation to the transaction.
(b) Unless subsection (a) applies, the liability of an issuer,nominated person or adviser for action or omission is governed by the lawof the jurisdiction in which the person is located. The person isconsidered to be located at the address indicated in the person'sundertaking. If more than one address is indicated, the person isconsidered to be located at the address from which the person's undertakingwas issued. For the purpose of jurisdiction, choice of law and recognitionof interbranch letters of credit, but not enforcement of a judgment, allbranches of a bank are considered separate juridical entities and a bank isconsidered to be located at the place where its relevant branch isconsidered to be located under this subsection.
(c) Except as otherwise provided in this subsection, the liability ofan issuer, nominated person or adviser is governed by any rules of customor practice, such as the Uniform Customs and Practice for DocumentaryCredits, to which the letter of credit, confirmation or other undertakingis expressly made subject. If:
(i) This article would govern the liability of an issuer, nominatedperson or adviser under subsection (a) or (b);
(ii) The relevant undertaking incorporates rules of custom orpractice; and
(iii) There is a conflict between this article and those rules asapplied to that undertaking, those rules govern except to the extent of anyconflict with the nonvariable provisions specified in section 400.5-103(c).
(d) If there is conflict between this article and article 3, 4, 4A or9 of this chapter, this article governs.
(e) The forum for settling disputes arising out of an undertakingwithin this article may be chosen in the manner and with the binding effectthat governing law may be chosen in accordance with subsection (a).
400.5-116. (a) The liability of an issuer, nominated person oradviser for action or omission is governed by the law of the jurisdictionchosen by an agreement in the form of a record signed or otherwiseauthenticated by the affected parties in the manner provided in section400.5-104 or by a provision in the person's letter of credit, confirmationor other undertaking. The jurisdiction whose law is chosen need not bearany relation to the transaction.
(b) Unless subsection (a) applies, the liability of an issuer,nominated person or adviser for action or omission is governed by the lawof the jurisdiction in which the person is located. The person isconsidered to be located at the address indicated in the person'sundertaking. If more than one address is indicated, the person isconsidered to be located at the address from which the person's undertakingwas issued. For the purpose of jurisdiction, choice of law and recognitionof interbranch letters of credit, but not enforcement of a judgment, allbranches of a bank are considered separate juridical entities and a bank isconsidered to be located at the place where its relevant branch isconsidered to be located under this subsection.
(c) Except as otherwise provided in this subsection, the liability ofan issuer, nominated person or adviser is governed by any rules of customor practice, such as the Uniform Customs and Practice for DocumentaryCredits, to which the letter of credit, confirmation or other undertakingis expressly made subject. If:
(i) This article would govern the liability of an issuer, nominatedperson or adviser under subsection (a) or (b);
(ii) The relevant undertaking incorporates rules of custom orpractice; and
(iii) There is a conflict between this article and those rules asapplied to that undertaking, those rules govern except to the extent of anyconflict with the nonvariable provisions specified in section 400.5-103(c).
(d) If there is conflict between this article and article 3, 4, 4A or9 of this chapter, this article governs.
(e) The forum for settling disputes arising out of an undertakingwithin this article may be chosen in the manner and with the binding effectthat governing law may be chosen in accordance with subsection (a).
