{"data":{"id":"us-ky/krs-355.5-103","jurisdiction":"us-ky","citation":"KRS 355.5-103","heading":"Scope.","body":"(1) This article applies to letters of credit and to certain rights and obligations arising\nout of transactions involving letters of credit.\n(2) The statement of a rule in this article does not by itself require, imply, or negate\napplication of the same or a d ifferent rule to a situation not provided for, or to a\nperson not specified, in this article.\n(3) With the exception of this subsection, subsections (1) and (4) of this section, KRS\n355.5-102(1)(i) and (j), 355.5 -106(4), and 355.5 -114(4), and except to the  extent\nprohibited in KRS 355.1 -302 and 355.5 -117(4), the effect of this article may be\nvaried by agreement or by a provision stated or incorporated by reference in an\nundertaking. A term in an agreement or undertaking generally excusing liability or\ngenerally limiting remedies for failure to perform obligations is not sufficient to\nvary obligations prescribed by this article.\n(4) Rights and obligations of an issuer to a beneficiary or a nominated person under a\nletter of credit are independent of the exist ence, performance, or nonperformance of\na contract or arrangement out of which the letter of credit arises or which underlies\nit, including contracts or arrangements between the issuer and the applicant and\nbetween the applicant and the beneficiary.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33595","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:45Z","sha256":"ad614b86e59c30aff79ee26d4ca8ddea0df5e8668b3da769e56b9ab064a2da39","source_id":"us-ky","stale":false,"prev":"us-ky/krs-355.5-102","next":"us-ky/krs-355.5-104"},"notice":"GroundRules: Original legal text. Not legal advice."}