8.5A-118 - A-118. Applicability. - Virginia Statutes

§ 8.5A-118. Applicability.

This title applies to a letter of credit that is issued on or after January1, 1998. This title does not apply to a transaction, event, obligation, orduty arising out of or associated with a letter of credit that was issuedbefore January 1, 1998. A transaction arising out of or associated with aletter of credit that was issued before January 1, 1998, and the rights,obligations, and interests flowing from that transaction are governed byTitle 8.5 as it was effective on December 31, 1997, as if repeal or amendmenthad not occurred and may be terminated, completed, consummated, or enforcedunder that statute.

(1997, c. 343.)