2006 New York Code - Scope.

  Section 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
    (c) With the exception of this subsection, subsections (a) and (d)  of
  this  section,  paragraphs  (9)  and  (10)  of subsection (a) of section
  5--102, subsection (d) of section 5--106, and subsection (d) of  section
  5--114, and except to the extent prohibited in subsection (3) of section
  1--102  and subsection (d) of section 5--117, 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.

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