(a) The liability of an issuer, nominated person, or adviser for action oromission is governed by the law of the jurisdiction chosen by an agreement inthe form of a record signed or otherwise authenticated by the affectedparties in the manner provided in § 8.5A-104 or by a provision in theperson's letter of credit, confirmation, or other undertaking. Thejurisdiction whose law is chosen need not bear any relation to thetransaction.
(b) Unless subsection (a) applies, the liability of an issuer, nominatedperson, or adviser for action or omission is governed by the law of thejurisdiction in which the person is located. The person is considered to belocated at the address indicated in the person's undertaking. If more thanone address is indicated, the person is considered to be located at theaddress from which the person's undertaking was issued. For the purpose ofjurisdiction, choice of law, and recognition of interbranch letters ofcredit, but not enforcement of a judgment, all branches of a bank areconsidered separate juridical entities and a bank is considered to be locatedat the place where its relevant branch is considered to be located under thissubsection.
(c) Except as otherwise provided in this subsection, the liability of anissuer, nominated person, or adviser is governed by any rules of custom orpractice, such as the Uniform Customs and Practice for Documentary Credits,to which the letter of credit, confirmation, or other undertaking isexpressly made subject. If (i) this title would govern the liability of anissuer, nominated person, or adviser under subsection (a) or (b), (ii) therelevant undertaking incorporates rules of custom or practice, and (iii)there is conflict between this title and those rules as applied to thatundertaking, those rules govern except to the extent of any conflict with thenonvariable provisions specified in § 8.5A-103(c).
(d) If there is conflict between this title and Titles 8.3A, 8.4, 8.4A, or8.9A, this title governs.
(e) The forum for settling disputes arising out of an undertaking within thistitle may be chosen in the manner and with the binding effect that governinglaw may be chosen in accordance with subsection (a).
(a) The liability of an issuer, nominated person, or adviser for action oromission is governed by the law of the jurisdiction chosen by an agreement inthe form of a record signed or otherwise authenticated by the affectedparties in the manner provided in § 8.5A-104 or by a provision in theperson's letter of credit, confirmation, or other undertaking. Thejurisdiction whose law is chosen need not bear any relation to thetransaction.
(b) Unless subsection (a) applies, the liability of an issuer, nominatedperson, or adviser for action or omission is governed by the law of thejurisdiction in which the person is located. The person is considered to belocated at the address indicated in the person's undertaking. If more thanone address is indicated, the person is considered to be located at theaddress from which the person's undertaking was issued. For the purpose ofjurisdiction, choice of law, and recognition of interbranch letters ofcredit, but not enforcement of a judgment, all branches of a bank areconsidered separate juridical entities and a bank is considered to be locatedat the place where its relevant branch is considered to be located under thissubsection.
(c) Except as otherwise provided in this subsection, the liability of anissuer, nominated person, or adviser is governed by any rules of custom orpractice, such as the Uniform Customs and Practice for Documentary Credits,to which the letter of credit, confirmation, or other undertaking isexpressly made subject. If (i) this title would govern the liability of anissuer, nominated person, or adviser under subsection (a) or (b), (ii) therelevant undertaking incorporates rules of custom or practice, and (iii)there is conflict between this title and those rules as applied to thatundertaking, those rules govern except to the extent of any conflict with thenonvariable provisions specified in § 8.5A-103(c).
(d) If there is conflict between this title and Titles 8.3A, 8.4, 8.4A, or8.9A, this title governs.
(e) The forum for settling disputes arising out of an undertaking within thistitle may be chosen in the manner and with the binding effect that governinglaw may be chosen in accordance with subsection (a).
(a) The liability of an issuer, nominated person, or adviser for action oromission is governed by the law of the jurisdiction chosen by an agreement inthe form of a record signed or otherwise authenticated by the affectedparties in the manner provided in § 8.5A-104 or by a provision in theperson's letter of credit, confirmation, or other undertaking. Thejurisdiction whose law is chosen need not bear any relation to thetransaction.
(b) Unless subsection (a) applies, the liability of an issuer, nominatedperson, or adviser for action or omission is governed by the law of thejurisdiction in which the person is located. The person is considered to belocated at the address indicated in the person's undertaking. If more thanone address is indicated, the person is considered to be located at theaddress from which the person's undertaking was issued. For the purpose ofjurisdiction, choice of law, and recognition of interbranch letters ofcredit, but not enforcement of a judgment, all branches of a bank areconsidered separate juridical entities and a bank is considered to be locatedat the place where its relevant branch is considered to be located under thissubsection.
(c) Except as otherwise provided in this subsection, the liability of anissuer, nominated person, or adviser is governed by any rules of custom orpractice, such as the Uniform Customs and Practice for Documentary Credits,to which the letter of credit, confirmation, or other undertaking isexpressly made subject. If (i) this title would govern the liability of anissuer, nominated person, or adviser under subsection (a) or (b), (ii) therelevant undertaking incorporates rules of custom or practice, and (iii)there is conflict between this title and those rules as applied to thatundertaking, those rules govern except to the extent of any conflict with thenonvariable provisions specified in § 8.5A-103(c).
(d) If there is conflict between this title and Titles 8.3A, 8.4, 8.4A, or8.9A, this title governs.
(e) The forum for settling disputes arising out of an undertaking within thistitle may be chosen in the manner and with the binding effect that governinglaw may be chosen in accordance with subsection (a).
