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United States — Louisiana Act or statute

United States — Louisiana legislation

RS 10:5-103

This section says the chapter applies to letters of credit and related rights and obligations, and it limits when the chapter’s rules can be changed by agreement.

letters of credit
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United States — Louisiana
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“This section says the chapter applies to letters of credit and related rights and obligations, and it limits when the chapter’s rules can be changed by agreement.”

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RS 10:5-103

This section says the chapter applies to letters of credit and related rights and obligations, and it limits when the chapter’s rules can be changed by agreement.

Section 10:5-103

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§ 10:5-103RS 10:5-103Provision

This section says the chapter applies to letters of credit and related rights and obligations, and it limits when the chapter’s rules can be changed by agreement.

§5-103. 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 person not specified, in this Chapter. (c) With the exception of this Subsection, Subsections (a) and (d), R.S. 10:5-102(a)(9) and (10), 5-106(d), and 5-114(d), and except to the extent prohibited in R.S. 10:1-302 and 5-117(d), the effect of this Chapter 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. Added by Acts 1974, No. 92, §1, eff. Jan. 1, 1975. Acts 1989, No. 135, §4, eff. Jan. 1, 1990; Acts 1999, No. 171, §1, eff. Jan. 1, 2000 Acts 2006, No. 533, §5.
Section 10:5-103Verify source

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