New York Laws
Article 5 - Letters of Credit
5-116 - Choice of Law and Forum.

(a) The liability of an issuer, nominated person, or adviser for
action or omission is governed by the law of the jurisdiction chosen by
an agreement in the form of a record signed or otherwise authenticated
by the affected parties in the manner provided in section 5--104 or by a
provision in the person's letter of credit, confirmation, or other
undertaking. The jurisdiction whose law is chosen need not bear any
relation to the transaction.
(b) Unless subsection (a) of this section applies, the liability of an
issuer, nominated person, or adviser for action or omission is governed
by the law of the jurisdiction in which the person is located. The
person is considered to be located at the address indicated in the
person's undertaking. If more than one address is indicated, the person
is considered to be located at the address from which the person's
undertaking was issued. For the purpose of jurisdiction, choice of law,
and recognition of interbranch letters of credit, but not enforcement of
a judgement, all branches of a bank are considered separate juridical
entities and a bank is considered to be located at the place where its
relevant branch is considered to be located under this subsection.
(c) Except as otherwise provided in this subsection, the liability of
an issuer, nominated person, or adviser is governed by any rules of
custom or practice, such as the uniform customs and practice for
documentary credits, to which the letter of credit, confirmation, or
other undertaking is expressly made subject. If (1) this article would
govern the liability of an issuer, nominated person, or adviser under
subsection (a) or (b) of this section, (2) the relevant undertaking
incorporates rules of custom or practice, and (3) there is conflict
between this article and those rules as applied to that undertaking,
those rules govern except to the extent of any conflict with the
nonvariable provisions specified in subsection (c) of section 5--103.
(d) If there is conflict between this article and article 3, 4, 4-A or
9, this article governs.
(e) The forum for settling disputes arising out of an undertaking
within this article may be chosen in the manner and with the binding
effect that governing law may be chosen in accordance with subsection
(a) of this section.