{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-5-103","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-5-103","heading":"Scope","body":"Scope.\n\n(a) This article applies to letters of credit and to certain\n\nrights and obligations arising out of transactions involving letters\n\nof credit.\n\n(b) The statement of a rule in this article does not by itself\n\nrequire, imply, or negate application of the same or a different\n\nrule to a situation not provided for, or to a person not specified,\n\nin this article.\n\n(c) With the exception of this subsection, subsections (a) and\n\n(d) of this section, paragraphs (9) and (10) of subsection (a) of\n\nSection 5-102 of this title, subsection (d) of Section 5-106 of this\n\ntitle, and subsection (d) of Section 5-114 of this title, and except\n\nto the extent prohibited in Section 15 of this act and subsection\n\n(d) of Section 5-117 of this title, the effect of this article may\n\nbe varied by agreement or by a provision stated or incorporated by\n\nreference in an undertaking. A term in an agreement or undertaking\n\ngenerally excusing liability or generally limiting remedies for\n\nfailure to perform obligations is not sufficient to vary obligations\n\nprescribed by this article.\n\n(d) Rights and obligations of an issuer to a beneficiary or a\n\nnominated person under a letter of credit are independent of the\n\nexistence, performance, or nonperformance of a contract or\n\narrangement out of which the letter of credit arises or which\n\nunderlies it, including contracts or arrangements between the issuer\n\nand the applicant and between the applicant and the beneficiary.","path":["OK Code","Title 12A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"69a5123437be2c34010bbb2d6275be9a53f6ccf7c987199f228c0247de592221","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-5-102","next":"us-ok/okla.-stat.-tit.-12a-12a-5-104"},"notice":"GroundRules: Original legal text. Not legal advice."}