Section 45.05.103. 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 a person not specified, in this chapter.
   (c) With the exception of this subsection, (a) and (d) of this section, AS 45.05.102(a)(9) and (10), 45.05.106(d), and 45.05.114(d), and except to the extent prohibited in AS 45.01.302 and AS 45.05.117(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 that underlies it, including contracts or arrangements between the issuer and the applicant and between the applicant and the beneficiary.

Authorities

45.05.116

Notes

References

AS 45.05.116 Choice of law and forum.

History

(Sec. 5.103 ch 114 SLA 1962; am Sec. 118 ch 35 SLA 1993; am Sec. 5 ch 75 SLA 1999; am Sec. 29 ch 44 SLA 2009)