                                 CODE OF VIRGINIA

SCOPE (§ 8.5A-103)

a. This title 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 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. With the exception of this subsection, subsections (a) and (d), &#xA7;&#xA7;
8.5A-102(a) (9) and (10), 8.5A-106(d), and 8.5A-114(d), and except to the extent
prohibited in &#xA7;&#xA7; 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. 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.

HISTORY: 1997, c. 343; 2003, c. 353.