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Can you summarize NVRS 104.5103?
Uniform Commercial CodeOriginal Articles > Scope.
Short Summary
This Article of the Nevada Revised Statutes governs letters of credit and the rights and obligations associated with transactions involving letters of credit. It applies to parties involved in such transactions, including issuers, beneficiaries, nominated persons, and applicants. The Article allows for variations by agreement or provision, except for certain specified subsections and to the extent prohibited by other statutes. 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 Article.
Whom does it apply to?
Parties involved in transactions involving letters of credit, including issuers, beneficiaries, nominated persons, applicants
What does it govern?
Letters of credit and certain rights and obligations arising from transactions involving letters of credit
What are exemptions?
This Article may be varied by agreement or by a provision stated or incorporated by reference in an undertaking, except for certain specified subsections and to the extent prohibited by other statutes.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Nevada