{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.5A-103.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.5A-103.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.5A-103.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.5A-103.html"}],"law_id":59884,"edition_id":1,"section_id":59884,"structure_id":14537,"section_number":"8.5A-103","catch_line":"Scope","history":"1997, c. 343; 2003, c. 353.","full_text":"a\n\nThis title applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.b\n\nThe statement of a rule in this title 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 title.c\n\nWith the exception of this subsection, subsections (a) and (d), §§ 8.5A-102(a) (9) and (10), 8.5A-106(d), and 8.5A-114(d), and except to the extent prohibited in §§ 8.1A-302 and 8.5A-117(d), the effect of this title 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 title.d\n\nRights 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.","order_by":null,"text":{"0":{"id":219357,"text":"This title applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"b"},"1":{"id":219358,"text":"The statement of a rule in this title 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 title.","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"a","next_prefix":"c"},"2":{"id":219359,"text":"With the exception of this subsection, subsections (a) and (d), §§ 8.5A-102(a) (9) and (10), 8.5A-106(d), and 8.5A-114(d), and except to the extent prohibited in §§ 8.1A-302 and 8.5A-117(d), the effect of this title 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 title.","type":"section","prefixes":["c"],"prefix":"c","entire_prefix":"c","prefix_anchor":"c","level":1,"prior_prefix":"b","next_prefix":"d"},"3":{"id":219360,"text":"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.","type":"section","prefixes":["d"],"prefix":"d","entire_prefix":"d","prefix_anchor":"d","level":1,"prior_prefix":"c"}},"ancestry":[{"id":14537,"edition_id":1,"name":"Uniform Commercial Code \u2014 Letters of Credit","identifier":"8.5A","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:48:34","date_modified":"2026-06-26 03:48:34","permalink":{"id":283351,"object_type":"structure","relational_id":14537,"identifier":"8.5A","token":"8.5A","url":"\/8.5A\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":68137,"structure_id":14537,"section_number":"8.5A-101","catch_line":"Short title","url":"\/8.5A-101\/","token":"8.5A\/8.5A-101","metadata":false},{"id":68166,"structure_id":14537,"section_number":"8.5A-102","catch_line":"Definitions","url":"\/8.5A-102\/","token":"8.5A\/8.5A-102","metadata":false},{"id":59884,"structure_id":14537,"section_number":"8.5A-103","catch_line":"Scope","url":"\/8.5A-103\/","token":"8.5A\/8.5A-103","metadata":false},{"id":62564,"structure_id":14537,"section_number":"8.5A-104","catch_line":"Formal requirements","url":"\/8.5A-104\/","token":"8.5A\/8.5A-104","metadata":false},{"id":78674,"structure_id":14537,"section_number":"8.5A-105","catch_line":"Consideration","url":"\/8.5A-105\/","token":"8.5A\/8.5A-105","metadata":{"court_decisions":""}},{"id":58998,"structure_id":14537,"section_number":"8.5A-106","catch_line":"Issuance, amendment, cancellation, and duration","url":"\/8.5A-106\/","token":"8.5A\/8.5A-106","metadata":false},{"id":78720,"structure_id":14537,"section_number":"8.5A-107","catch_line":"Confirmer, nominated person, and adviser","url":"\/8.5A-107\/","token":"8.5A\/8.5A-107","metadata":false},{"id":84859,"structure_id":14537,"section_number":"8.5A-108","catch_line":"Issuer's rights and obligations","url":"\/8.5A-108\/","token":"8.5A\/8.5A-108","metadata":{"court_decisions":""}},{"id":68535,"structure_id":14537,"section_number":"8.5A-109","catch_line":"Fraud and forgery","url":"\/8.5A-109\/","token":"8.5A\/8.5A-109","metadata":false},{"id":86292,"structure_id":14537,"section_number":"8.5A-110","catch_line":"Warranties","url":"\/8.5A-110\/","token":"8.5A\/8.5A-110","metadata":false},{"id":80661,"structure_id":14537,"section_number":"8.5A-111","catch_line":"Remedies","url":"\/8.5A-111\/","token":"8.5A\/8.5A-111","metadata":false},{"id":55987,"structure_id":14537,"section_number":"8.5A-112","catch_line":"Transfer of letter of credit","url":"\/8.5A-112\/","token":"8.5A\/8.5A-112","metadata":{"court_decisions":""}},{"id":63412,"structure_id":14537,"section_number":"8.5A-113","catch_line":"Transfer by operation of law","url":"\/8.5A-113\/","token":"8.5A\/8.5A-113","metadata":false},{"id":72104,"structure_id":14537,"section_number":"8.5A-114","catch_line":"Assignment of proceeds","url":"\/8.5A-114\/","token":"8.5A\/8.5A-114","metadata":false},{"id":66415,"structure_id":14537,"section_number":"8.5A-115","catch_line":"Statute of limitations","url":"\/8.5A-115\/","token":"8.5A\/8.5A-115","metadata":false},{"id":78841,"structure_id":14537,"section_number":"8.5A-116","catch_line":"Choice of law and forum","url":"\/8.5A-116\/","token":"8.5A\/8.5A-116","metadata":false},{"id":61433,"structure_id":14537,"section_number":"8.5A-117","catch_line":"Subrogation of issuer, applicant, and nominated person","url":"\/8.5A-117\/","token":"8.5A\/8.5A-117","metadata":{"court_decisions":""}},{"id":75081,"structure_id":14537,"section_number":"8.5A-117.1","catch_line":"Security interest of issuer or nominated person","url":"\/8.5A-117.1\/","token":"8.5A\/8.5A-117.1","metadata":false},{"id":65323,"structure_id":14537,"section_number":"8.5A-118","catch_line":"Applicability","url":"\/8.5A-118\/","token":"8.5A\/8.5A-118","metadata":false}],"previous_section":{"id":68166,"structure_id":14537,"section_number":"8.5A-102","catch_line":"Definitions","url":"\/8.5A-102\/","token":"8.5A\/8.5A-102","metadata":false},"next_section":{"id":62564,"structure_id":14537,"section_number":"8.5A-104","catch_line":"Formal requirements","url":"\/8.5A-104\/","token":"8.5A\/8.5A-104","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.5A-103\/","history_text":"

This law was first created in 1997. The record of its establishment is cataloged in chapter 343<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2003, chapter 353<\/a>.<\/p>","references":[{"id":78841,"section_number":"8.5A-116","catch_line":"Choice of law and forum","order_by":null,"url":"\/8.5A-116\/"}],"refers_to":[{"id":84280,"section_number":"8.1A-302","catch_line":"Variation by agreement","order_by":null,"url":"\/8.1A-302\/"},{"id":68166,"section_number":"8.5A-102","catch_line":"Definitions","order_by":null,"url":"\/8.5A-102\/"},{"id":58998,"section_number":"8.5A-106","catch_line":"Issuance, amendment, cancellation, and duration","order_by":null,"url":"\/8.5A-106\/"},{"id":72104,"section_number":"8.5A-114","catch_line":"Assignment of proceeds","order_by":null,"url":"\/8.5A-114\/"},{"id":61433,"section_number":"8.5A-117","catch_line":"Subrogation of issuer, applicant, and nominated person","order_by":null,"url":"\/8.5A-117\/"}],"permalink":{"id":283361,"object_type":"law","relational_id":59884,"identifier":"8.5A-103","token":"8.5A\/8.5A-103","url":"\/8.5A-103\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.5A-103\/","token":"8.5A\/8.5A-103","dublin_core":{"Title":"Scope","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.5A-103","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> This title applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> The statement of a rule in this title 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 title. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

c.<\/span> With the exception of this subsection, subsections (a) and (d), §§ 8.5A-102<\/a>(a) (9) and (10), 8.5A-106<\/a>(d), and 8.5A-114<\/a>(d), and except to the extent prohibited in §§ 8.1A-302<\/a> and 8.5A-117<\/a>(d), the effect of this title 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 title. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

d.<\/span> 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<\/span> or arrangement out of which the letter of credit arises or which underlies it, including contracts<\/span> or arrangements between the issuer and the applicant and between the applicant and the beneficiary. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSCOPE (\u00a7 8.5A-103)\n\na. This title applies to letters of credit and to certain rights and obligations\narising out of transactions involving letters of credit.\n\nb. The statement of a rule in this title does not by itself require, imply, or\nnegate application of the same or a different rule to a situation not provided\nfor, or to a person not specified, in this title.\n\nc. With the exception of this subsection, subsections (a) and (d), §§\n8.5A-102(a) (9) and (10), 8.5A-106(d), and 8.5A-114(d), and except to the extent\nprohibited in §§ 8.1A-302 and 8.5A-117(d), the effect of this title\nmay be varied by agreement or by a provision stated or incorporated by reference\nin an undertaking. A term in an agreement or undertaking generally excusing\nliability or generally limiting remedies for failure to perform obligations is\nnot sufficient to vary obligations prescribed by this title.\n\nd. Rights and obligations of an issuer to a beneficiary or a nominated person\nunder a letter of credit are independent of the existence, performance, or\nnonperformance of a contract or arrangement out of which the letter of credit\narises or which underlies it, including contracts or arrangements between the\nissuer and the applicant and between the applicant and the beneficiary.\n\nHISTORY: 1997, c. 343; 2003, c. 353.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}