Application of chapter
(1) This chapter applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.
(2) The statement of a rule in this chapter does not by itself require, imply or negate application of the same or different rule to a situation not provided for, or to a person not specified in this chapter.
(3) With the exception of this subsection, subsections (1) and (4) of this section and ORS 75.1020 (Definitions) (1)(i) and (j), 75.1060 (Issuance, amendment, cancellation and duration) (4) and 75.1140 (Assignment of proceeds) (4), and except to the extent prohibited in ORS 71.3020 (Variation by agreement) and 75.1170 (Subrogation of issuer, applicant and nominated person) (4), the effect of this chapter may be varied by agreement or by a provision stated or incorporated by reference in an undertaking. A term in an agreement or undertaking generally excusing liability or generally limiting remedies for failure to perform obligations is not sufficient to vary obligations prescribed by this chapter.
(4) 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 out of which the letter of credit arises or which underlies it, including contracts or arrangements between the issuer and the applicant and between the applicant and the beneficiary. [1961 c.726 §75.1030 (Application of chapter); 1993 c.545 §119; 1997 c.150 §6; 2009 c.181 §49]
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