Okla. Stat. tit. 12A, § 12A-5-103
This is the official text of Okla. Stat. tit. 12A, § 12A-5-103, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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Scope
Official statutory text
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) of this section, paragraphs (9) and (10) of subsection (a) of
Section 5-102 of this title, subsection (d) of Section 5-106 of this
title, and subsection (d) of Section 5-114 of this title, and except
to the extent prohibited in Section 15 of this act and subsection
(d) of Section 5-117 of this title, 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 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.
(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) of this section, paragraphs (9) and (10) of subsection (a) of
Section 5-102 of this title, subsection (d) of Section 5-106 of this
title, and subsection (d) of Section 5-114 of this title, and except
to the extent prohibited in Section 15 of this act and subsection
(d) of Section 5-117 of this title, 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 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.
Status: in_force · Read it on the official government site
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