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Can you summarize MDCM Com. Law, Title 5?
Commercial Law
Short Summary
The provided legal document, titled ‘Code of Maryland » Commercial Law » Title 5 » SubTitle 1’, governs letters of credit and certain rights and obligations arising from transactions involving letters of credit. It applies to parties involved in such transactions, including issuers, beneficiaries, nominated persons, and applicants. The document allows for the variation of its effect by agreement or provision stated or incorporated by reference in an undertaking, with certain exceptions. However, a general term in an agreement or undertaking that excuses liability or limits remedies for failure to perform obligations is not sufficient to vary the obligations prescribed by this title. The rights and obligations of an issuer to a beneficiary or a 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 document.
Whom does it apply to?
Parties involved in transactions involving letters of credit, including issuers, beneficiaries, nominated persons, and applicants
What does it govern?
Letters of credit and certain rights and obligations arising from transactions involving letters of credit
What are exemptions?
The document allows for the variation of its effect by agreement or provision stated or incorporated by reference in an undertaking, with certain exceptions. However, a general term in an agreement or undertaking that excuses liability or limits remedies for failure to perform obligations is not sufficient to vary the obligations prescribed by this title.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Maryland