Okla. Stat. tit. 12A, § 12A-5-103: Scope

Scope.

(a) This article applies to letters of credit and to certain

rights and obligations arising out of transactions involving letters

of credit.

(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.

(c) With the exception of this subsection, subsections (a) and

(d) of this section, paragraphs (9) and (10) of subsection (a) of

Section 5-102 of this title, subsection (d) of Section 5-106 of this

title, and subsection (d) of Section 5-114 of this title, and except

to the extent prohibited in Section 15 of this act and subsection

(d) of Section 5-117 of this title, 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.

(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.