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Can you summarize IACO 554.5103?
UNIFORM COMMERCIAL CODE > Scope.
Short Summary
This Article of the Iowa Code governs letters of credit and the rights and obligations arising from transactions involving letters of credit. It applies to parties involved in such transactions. The Article allows for variations in the effect of its provisions through agreement or provisions stated or incorporated by reference in an undertaking, except for specific subsections and variations prohibited by other sections. 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 penalties are mentioned in this Article.
Whom does it apply to?
Parties involved in transactions involving letters of credit
What does it govern?
Letters of credit and certain rights and obligations arising from transactions involving letters of credit
What are exemptions?
Subsection 1 and 4 of section 554.5102, subsection 1 paragraphs 'i' and 'j', section 554.5106 subsection 4, and section 554.5114 subsection 4, as well as any variations prohibited by section 554.1302 and section 554.5117 subsection 4
What are the Penalties?
No penalties mentioned.
Jurisdiction
Iowa