Arizona Laws 47-5103. Scope
A. This chapter applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.
Terms Used In Arizona Laws 47-5103
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
B. The statement of a rule in this chapter 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 chapter.
C. With the exception of this subsection, subsections A and D of this section, section 47-5102, subsection A, paragraphs 9 and 10, section 47-5106, subsection D and section 47-5114, subsection D, and except to the extent prohibited in section 47-1302 and section 47-5117, subsection 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 chapter.
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.