(a) This chapter takes effect July 1, 2001.
(b) This chapter applies to a letter of credit that is issued on or after the effective date of this chapter. This chapter does not apply to a transaction, event, obligation, or duty arising out of or associated with a letter of credit that was issued before the effective date of this chapter.
(c) A transaction arising out of or associated with a letter of credit that was issued before the effective date of this chapter and the rights, obligations, and interests flowing from that transaction are governed by any statute or other law amended or repealed by this chapter as if repeal or amendment had not occurred and may be terminated, completed, consummated, or enforced under that statute or other law.
HISTORY: 2001 Act No. 67, Section 15.
Structure South Carolina Code of Laws
Chapter 5 - Commercial Code - Letters Of Credit
Section 36-5-101. Short title.
Section 36-5-102. Definitions.
Section 36-5-104. Formal requirements.
Section 36-5-105. Consideration.
Section 36-5-106. Issuance, amendment, cancellation, and duration.
Section 36-5-107. Confirmer, nominated person, and adviser.
Section 36-5-108. Issuer's rights and obligations.
Section 36-5-109. Fraud and forgery.
Section 36-5-112. Transfer of letter of credit.
Section 36-5-113. Transfer by operation of law.
Section 36-5-114. Assignment of proceeds.
Section 36-5-115. Statute of limitations.
Section 36-5-116. Choice of law and forum.
Section 36-5-117. Subrogation of issuer, applicant, and nominated person.
Section 36-5-118. Security interest of issuer or nominated person.