§ 6A-5-119 - Transition. - Rhode Island Statutes

SECTION 6A-5-119

   § 6A-5-119  Transition. – This chapter shall take effect on July 1, 2001 and applies to a letter ofcredit that is issued on or after the effective date of this chapter. Thischapter does not apply to a transaction, event, obligation, or duty arising outof or associated with a letter of credit that was issued before the effectivedate of this chapter. A transaction arising out of or associated with a letterof credit that was issued before the effective date of this chapter and therights, obligations, and interests flowing from that transaction are governedby any statute or other law amended or repealed by this chapter as if repeal oramendment had not occurred and may be terminated, completed, consummated, orenforced under that statute or other law.