- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 5. Letters of Credit
- Section 103. Scope.
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. Formal Requirements.
AS 45.05.103. Scope.
- (a) This chapter applies to letters of credit and to certain rights and obligations arising out of transactions involving
letters of credit.
- (b) The statement of a rule in this chapter does not by itself require, imply, or negate application of the same or a
different rule to a situation not provided for, or to a person not specified, in this chapter.
- (c) With the exception of this subsection, (a) and (d) of this section, AS 45.05.102
(a)(9) and (10), 45.05.106(d), and 45.05.114(d), and except to the extent prohibited in AS
(c) and AS 45.05.117(d), 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.
- (d) 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
that underlies it, including contracts or arrangements between the issuer and the applicant and between the applicant
and the beneficiary.
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