2006 Minnesota Statutes

336.5-103 MS 1996 [Repealed, 1997 c 11 art 1 s 20]
336.5-103 SCOPE.
(a) This article applies to letters of credit and to certain rights and obligations arising out of
transactions involving letters of credit.
(b) The statement of a rule in this article does not by itself require, imply, or negate
application of the same or a different rule to a situation not provided for, or to a person not
specified, in this article.
(c) With the exception of this subsection, subsections (a) and (d), sections 336.5-102(a)(9)
and (10), 336.5-106(d), and 336.5-114(d), and except to the extent prohibited in sections
336.1-302 and 336.5-117(d), the effect of this article may be varied by agreement or by a
provision stated or incorporated by reference in an undertaking. A term in an agreement or
undertaking generally excusing liability or generally limiting remedies for failure to perform
obligations is not sufficient to vary obligations prescribed by this article.
(d) Rights and obligations of an issuer to a beneficiary or a nominated person under a letter
of credit are independent of the existence, performance, or nonperformance of a contract or
arrangement out of which the letter of credit arises or which underlies it, including contracts or
arrangements between the issuer and the applicant and between the applicant and the beneficiary.
History: 1997 c 11 art 1 s 3; 2004 c 162 art 2 s 14