New York Laws
Article 5 - Letters of Credit
5-120 - Savings Clause.

A transaction arising out of or associated with a letter of credit
that was issued before the effective date of this article and the
rights, obligations, and interests flowing from that transaction are
governed by any statute or other law amended or repealed by the chapter
of the laws which added this article as if repeal or amendment had not
occurred and may be terminated, completed, consummated, or enforced
under that statute or other law.

Structure New York Laws