Vermont § 103 - § 5—103.
Full text of Vermont Vermont Statutes Online § 103 — § 5—103., with citation guidance and answers to common questions.
§ 103. § 5—103.
- Scope (a) This article 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 article 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 article. (c) With the exception of this subsection, subsections (a) and (d) of this section, subdivisions
5—102(a)(9) and (10), subsection 5—106(d), and subsection 5—114(d) of this title, and except to the extent prohibited in section 1—302 and subsection 5—117(d) of this title, 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 article. (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. (Added 1997, No. 65 (Adj. Sess.), § 1, eff. Jan. 1, 1999; amended 2007, No. 99 (Adj. Sess.), § 16.)
Frequently Asked Questions About Vermont § 103
What does Vermont Statutes Online § 103 cover?
Section 103 ("§ 5—103.") is part of the Vermont Statutes Online, the codified statutory law of Vermont. 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 Vermont § 103?
A common citation format is "Vermont Statutes Online § 103" (Vermont). 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 Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 103 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont 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 Vermont.