§ 6A-5-103 - Scope. - Rhode Island Statutes

SECTION 6A-5-103

   § 6A-5-103  Scope. – (a) This chapter applies to letters of credit and to certain rights andobligations arising out of transactions involving letters of credit.

   (b) The statement of a rule in this chapter does not byitself require, imply, or negate application of the same or a different rule toa situation not provided for, or to a person not specified, in this chapter.

   (c) With the exception of this subsection, subsections (a)and (d), §§ 6A-5-102(a)(9) and (10), 6A-5-106(d), and 6A-5-114(d),and except to the extent prohibited in §§ 6A-1-302 and 6A-5-117(d),the effect of this chapter may be varied by agreement or by a provision statedor incorporated by reference in an undertaking. A term in an agreement orundertaking generally excusing liability or generally limiting remedies forfailure to perform obligations is not sufficient to vary obligations prescribedby this chapter.

   (d) Rights and obligations of an issuer to a beneficiary or anominated person under a letter of credit are independent of the existence,performance, or nonperformance of a contract or arrangement out of which theletter of credit arises or which underlies it, including contracts orarrangements between the issuer and the applicant and between the applicant andthe beneficiary.