New York Laws
Article 5 - Letters of Credit
5-103 - Scope.

(a) This article 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 article 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
article.
(c) With the exception of this subsection, subsections (a) and (d) of
this section, paragraphs (9) and (10) of subsection (a) of section
5--102, subsection (d) of section 5--106, and subsection (d) of section
5--114, and except to the extent prohibited in section 1--302 and
subsection (d) of section 5--117, the effect of this article 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 article.
(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.