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Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 5. · Article 5. LETTERS OF CREDIT

11-5-103. Scope.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (a)

    This article applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.#

  2. (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.#

  3. (c)

    With the exception of subsections (a), (b), and (d) of this Code section, paragraphs (9) and (10) of subsection (a) of Code Section 11-5-102, subsection (d) of Code Section 11-5-106, and subsection (d) of Code Section 11-5-114 and except to the extent prohibited in Code Section 11-1-302 and subsection (d) of Code Section 11-5-117, 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.#

  4. (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.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 11-5-103, enacted by Ga. L. 2002, p. 995, § 1; Ga. L. 2015, p. 996, § 3B-16/SB 65.

Editor's notes

Ga. L. 2015, p. 996, § 1-1/SB 65, not codified by the General Assembly, provides: “(a) This Act shall be known and may be cited as the ‘Debtor-Creditor Uniform Law Modernization Act of 2015.’ “(b) To promote consistency among the states, it is the intent of the General Assembly to modernize certain existing uniform laws promulgated by the Uniform Law Commission affecting debtor and creditor rights, responsibilities, and relationships and other federally recognized laws affecting such rights, responsibilities, and relationships.”

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-2022-pdf.pdf, Volume V9, 2022 edition, pages 578 to 579; merge action: carried; file SHA-256 ad397fccbf21.