Find Laws Find Lawyers Free Legal Forms USA State Laws

MISSISSIPPI STATUTES AND CODES

75-5-103 - Scope.

§ 75-5-103. 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 a person not specified, in this chapter. 

(c)  With the exception of this subsection, subsections (a) and (d), Sections 75-5-102(a)(9) and (10), 75-5-106(d), and 75-5-114(d), and except to the extent prohibited in Sections 75-1-102(3) and 75-5-117(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. 
 

Sources: Laws,  1996, ch. 460, § 4, eff from and after July 1, 1996.
 

Mississippi Forms by Issue

Mississippi Business Forms
Mississippi Court Forms
> Case Evaluation
> Dispute
Mississippi Divorce Forms
Mississippi Family Forms
Mississippi Gun Forms
Mississippi Marriage Forms
Mississippi Name Change Forms
Mississippi Tax Forms

Mississippi Law

Mississippi State Laws
    > Mississippi Child Support
    > Mississippi Gun Laws
    > Mississippi Statute
Mississippi Tax
    > Mississippi State Tax
Mississippi Agencies
    > Mississippi Department of Corrections
    > Mississippi Department of Education
    > Mississippi Secretary of State
    > Mississippi State Tax Commission

Mississippi Court Map

Tips