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Can you summarize FLCL Chapter 675?
COMMERCIAL RELATIONS > UNIFORM COMMERCIAL CODE: LETTERS OF CREDIT
Short Summary
This chapter of the Florida Statutes governs letters of credit and certain rights and obligations arising from transactions involving letters of credit. It applies to parties involved in such transactions. The chapter allows for the variation of its effect by agreement or provision, except for certain subsections and provisions. However, obligations prescribed by this chapter cannot be varied by a term in an agreement or undertaking that generally excuses liability or limits remedies for failure to perform obligations. The rights and obligations of an issuer to a beneficiary or nominated person under a letter of credit are independent of the existence, performance, or nonperformance of a contract or arrangement underlying the letter of credit. No specific penalties are mentioned in this chapter.
Whom does it apply to?
Parties involved in transactions related to letters of credit.
What does it govern?
This legal document governs letters of credit and certain rights and obligations arising from transactions involving letters of credit.
What are exemptions?
The chapter allows for the variation of its effect by agreement or provision, except for certain subsections and provisions. However, obligations prescribed by this chapter cannot be varied by a term in an agreement or undertaking that generally excuses liability or limits remedies for failure to perform obligations. The chapter does not apply to individuals who make an engagement for personal, family, or household purposes.
What are the Penalties?
No specific penalties are mentioned in this chapter.
Jurisdiction
Florida