N.Y. Uniform Commercial Code Law § 5-120: Savings clause

Section 5--120. Savings clause.

A transaction arising out of or associated with a letter of credit

that was issued before the effective date of this article and the

rights, obligations, and interests flowing from that transaction are

governed by any statute or other law amended or repealed by the chapter

of the laws which added this article as if repeal or amendment had not

occurred and may be terminated, completed, consummated, or enforced

under that statute or other law.