8.5A-103 - A-103. Scope. - Virginia Statutes

§ 8.5A-103. Scope.

(a) This title 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 title does not by itself require, imply,or negate application of the same or a different rule to a situation notprovided for, or to a person not specified, in this title.

(c) With the exception of this subsection, subsections (a) and (d), §§8.5A-102(a) (9) and (10), 8.5A-106(d), and 8.5A-114(d), and except to theextent prohibited in §§ 8.1A-302 and 8.5A-117(d), the effect of this titlemay be varied by agreement or by a provision stated or incorporated byreference in an undertaking. A term in an agreement or undertaking generallyexcusing liability or generally limiting remedies for failure to performobligations is not sufficient to vary obligations prescribed by this title.

(d) Rights and obligations of an issuer to a beneficiary or a nominatedperson 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 applicantand the beneficiary.

(1997, c. 343; 2003, c. 353.)