2010 Pennsylvania Code
Title 13 - COMMERCIAL CODE
Chapter 51 - Letters of Credit
5103 - Scope.

     § 5103.  Scope.
        (a)  Applicability of division.--This division applies to
     letters of credit and to certain rights and obligations arising
     out of transactions involving letters of credit.
        (b)  Effect of statement of rule in this division.--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)  Variation by agreement or undertaking.--With the
     exception of this subsection, subsections (a) and (d), the
     definitions of "issuer" and "letter of credit" under section
     5102(a) (relating to definitions) and sections 5106(d) (relating
     to perpetual letters of credit) and 5114(d) (relating to
     assignment of proceeds), and except to the extent prohibited
     under sections 1302 (relating to variation by agreement) and
     5117(d) (relating to time at which subrogation rights arise),
     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.
        (d)  Independence of rights and obligations of issuer.--
     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.
     (Apr. 16, 2008, P.L.57, No.13, eff. 60 days)

        2008 Amendment.  Act 13 amended subsec. (c).
        Special Provisions in Appendix.  See section 28 of Act 18 of
     2001 in the appendix to this title for special provisions
     relating to applicability of transitional provisions.
        Cross References.  Section 5103 is referred to in sections
     5116, 9700 of this title.