§ 5-103. Scope
West's Annotated Code of MarylandCommercial LawEffective: June 1, 2012
Effective: June 1, 2012
MD Code, Commercial Law, § 5-103
§ 5-103. Scope
(c) With the exception of this subsection, subsections (a) and (d) of this section, §§ 5-102(a)(9) and (10), 5-106(d), and 5-114(d) of this title, and except to the extent prohibited in §§ 1-302 and 5-117(d) of this article, the effect of this title 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 title.
(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.
Added by Acts 1997, c. 652, § 2, eff. Oct. 1, 1997. Amended by Acts 2012, c. 673, § 2, eff. June 1, 2012.
MD Code, Commercial Law, § 5-103, MD COML § 5-103
Current with legislation effective through June 1, 2023, from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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