California Commercial Code

§ 5103

COM § 5103 Effective Jan 1, 2007Div. 5

Statute text

(a)This division 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 division 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 division.

(c)With the exception of this subdivision, subdivisions (a) and (d), paragraphs 9 and 10 of subdivision (a) of Section 5102, subdivision (d) of Section 5106, and subdivision (d) of Section 5114, and except to the extent prohibited in Section 1302 and subdivision (d) of Section 5117, the effect of this division 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 division.

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Legislative history

Amended by Stats. 2006, Ch. 254, Sec. 47. Effective January 1, 2007.