70A-5-103 - Scope. - Utah Statutes

70A-5-103. Scope.
(1) This chapter applies to letters of credit and to certain rights and obligations arisingout of transactions involving letters of credit.
(2) The statement of a rule in this chapter does not by itself require, imply, or negateapplication of the same or a different rule to a situation not provided for, or to a person notspecified, in this chapter.
(3) With the exception of this Subsection (3), Subsections (1) and (4), Subsections70A-5-102(9) and (10), 70A-5-106(4), and 70A-5-114(4), and except to the extent prohibited inSection 70A-1a-302 and Subsection 70A-5-117(4), the effect of this chapter may be varied byagreement or by a provision stated or incorporated by reference in an undertaking. A term in anagreement or undertaking generally excusing liability or generally limiting remedies for failure toperform obligations is not sufficient to vary obligations prescribed by this chapter.
(4) Rights and obligations of an issuer to a beneficiary or a nominated person under aletter of credit are independent of the existence, performance, or nonperformance of a contract orarrangement out of which the letter of credit arises or which underlies it, including contracts orarrangements between the issuer and the applicant and between the applicant and the beneficiary.

Amended by Chapter 272, 2007 General Session