(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 (1)(i) and (j), 75.1060 (4) and 75.1140 (4), and except to the extent prohibited in ORS 71.3020 and 75.1170 (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; 1993 c.545 §119; 1997 c.150 §6; 2009 c.181 §49]
Structure 2021 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 075 - Letters of Credit
Section 75.1020 - Definitions.
Section 75.1030 - Application of chapter.
Section 75.1040 - Formal requirements.
Section 75.1060 - Issuance, amendment, cancellation and duration.
Section 75.1070 - Confirmer, nominated person and adviser.
Section 75.1080 - Issuer’s rights and obligations.
Section 75.1090 - Fraud and forgery.
Section 75.1120 - Transfer of letter of credit.
Section 75.1130 - Successor of beneficiary.
Section 75.1140 - Assignment of proceeds.
Section 75.1160 - Choice of law and forum.
Section 75.1170 - Subrogation of issuer, applicant and nominated person.
Section 75.1180 - Security interest of issuer or nominated person.