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Can you summarize IACO 554.5116?
UNIFORM COMMERCIAL CODE > Choice of law and forum.
Short Summary
This legal document governs the liability of issuers, nominated persons, or advisers for their actions or omissions in relation to letters of credit, confirmations, or other undertakings. The liability is determined based on the law of the jurisdiction chosen by an agreement between the parties or by the law of the jurisdiction where the person is located. Customary rules and practices, such as the uniform customs and practice for documentary credits, may also govern the liability. In case of conflict between this document and other articles, this document takes precedence. Additionally, the document allows parties to choose the forum for settling disputes arising from the undertaking. Overall, this document provides guidelines for determining liability and resolving disputes in the context of letters of credit and related undertakings.
Whom does it apply to?
Issuers, nominated persons, or advisers involved in letters of credit, confirmations, or other undertakings
What does it govern?
Liability of an issuer, nominated person, or adviser for action or omission
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa