Arizona § 47-5103 - Scope
Full text of Arizona Arizona Revised Statutes § 47-5103 — Scope, with citation guidance and answers to common questions.
§ 47-5103. Scope
A. This chapter 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 chapter 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 chapter.
C. With the exception of this subsection, subsections A and D of this section, section 47-5102, subsection A, paragraphs 9 and 10, section 47-5106, subsection D and section 47-5114, subsection D, and except to the extent prohibited in section 47-1302 and section 47-5117, subsection D, 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 chapter.
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.
Frequently Asked Questions About Arizona § 47-5103
What does Arizona Revised Statutes § 47-5103 cover?
Section 47-5103 ("Scope") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 47-5103?
A common citation format is "Arizona Revised Statutes § 47-5103" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 47-5103 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.