South Carolina § 36-5-103 - Scope.
Full text of South Carolina South Carolina Code of Laws § 36-5-103 — Scope., with citation guidance and answers to common questions.
§ 36-5-103. 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), Sections 36-5-102(a)(9) and (10), 36-5-106(d), and 36-5-114(d), and except to the extent prohibited in Sections 36-1-302 and 36-5-117(d), the effect of this chapter 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.
HISTORY: 1962 Code SECTION 10.5-103; 1966 (54) 2716; 2001 Act No. 67, SECTION 15; 2014 Act No. 213 (S.343), SECTION 30, eff October 1, 2014.
Editor's Note
2014 Act No. 213, SECTION 51, provides as follows:
"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
Effect of Amendment
2014 Act No. 213, SECTION 30, in subsection (c), substituted "36-1-302" for "36-1-102(3)".
Frequently Asked Questions About South Carolina § 36-5-103
What does South Carolina Code of Laws § 36-5-103 cover?
Section 36-5-103 ("Scope.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. 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 South Carolina § 36-5-103?
A common citation format is "South Carolina Code of Laws § 36-5-103" (South Carolina). 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 South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 36-5-103 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina 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 South Carolina.