{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-5-116","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-5-116","heading":"Choice of Law and Forum","body":"Choice of Law and Forum.\n\n(a) The liability of an issuer, nominated person, or adviser\n\nfor action or omission is governed by the law of the jurisdiction\n\nchosen by an agreement in the form of a record signed by the\n\naffected parties or by a provision in the person's letter of credit,\n\nconfirmation, or other undertaking. The jurisdiction whose law is\n\nchosen need not bear any relation to the transaction.\n\n(b) Unless subsection (a) of this section applies, the\n\nliability of an issuer, nominated person, or adviser for action or\n\nomission is governed by the law of the jurisdiction in which the\n\nperson is located. The person is considered to be located at the\n\naddress indicated in the person's undertaking. If more than one\n\naddress is indicated, the person is considered to be located at the\n\naddress from which the person's undertaking was issued.\n\n(c) For the purpose of jurisdiction, choice of law, and\n\nrecognition of interbranch letters of credit, but not enforcement of\n\na judgment, all branches of a bank are considered separate juridical\n\nentities and a bank is considered to be located at the place where\n\nits relevant branch is considered to be located under subsection (d)\n\nof this section.\n\n(d) A branch of a bank is considered to be located at the\n\naddress indicated in the branch's undertaking. If more than one\n\naddress is indicated, the branch is considered to be located at the\n\naddress from which the undertaking was issued.\n\n(e) Except as otherwise provided in this subsection, the\n\nliability of an issuer, nominated person, or adviser is governed by\n\nany rules of custom or practice, such as the Uniform Customs and\n\nPractice for Documentary Credits, to which the letter of credit,\n\nconfirmation, or other undertaking is expressly made subject. If:\n\n(1) This article would govern the liability of an issuer,\n\nnominated person, or adviser under subsection (a) or\n\n(b) of this section;\n\n(2) The relevant undertaking incorporates rules of custom\n\nor practice; and\n\n(3) There is conflict between this article and those rules\n\nas applied to that undertaking,\n\nthose rules govern except to the extent of any conflict with the\n\nnonvariable provisions specified in subsection (c) of Section 5-103\n\nof this title.\n\n(f) If there is conflict between this article and Article 3, 4,\n\n4A, or 9 of this title, this article governs.\n\n(g) The forum for settling disputes arising out of an\n\nundertaking within this article may be chosen in the manner and with\n\nthe binding effect that governing law may be chosen in accordance\n\nwith subsection (a) of this section.","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":"0a47c2d9e287bb3eaf628223e6bb4c03c59d6d77f63c7b414aba805f55fc8aa6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-5-115","next":"us-ok/okla.-stat.-tit.-12a-12a-5-117"},"notice":"GroundRules: Original legal text. Not legal advice."}