§ 6A-5-116 - Choice of law and forum.
SECTION 6A-5-116
§ 6A-5-116 Choice of law and forum. –(a) The liability of an issuer, nominated person, or adviser for action oromission is governed by the law of the jurisdiction chosen by an agreement inthe form of a record signed or otherwise authenticated by the affected partiesin the manner provided in § 6A-5-104 or by a provision in the person'sletter of credit, confirmation, or other undertaking. The jurisdiction whoselaw is chosen need not bear any relation to the transaction.
(b) Unless subsection (a) applies, the liability of anissuer, nominated person, or adviser for action or omission is governed by thelaw of the jurisdiction in which the person is located. The person isconsidered to be located at the address indicated in the person's undertaking.If more than one address is indicated, the person is considered to be locatedat the address from which the person's undertaking was issued. For the purposeof jurisdiction, choice of law, and recognition of interbranch letters ofcredit, but not enforcement of a judgment, all branches of a bank areconsidered separate juridical entities and a bank is considered to be locatedat the place where its relevant branch is considered to be located under thissubsection.
(c) Except as otherwise provided in this subsection, theliability of an issuer, nominated person, or adviser is governed by any rulesof custom or practice, such as the Uniform Customs and Practice for DocumentaryCredits, to which the letter of credit, confirmation, or other undertaking isexpressly made subject. If (1) this chapter would govern the liability of anissuer, nominated person, or adviser under subsection (a) or (b), (2) therelevant undertaking incorporates rules of custom or practice, and (3) there isconflict between this chapter and those rules as applied to that undertaking,those rules govern except to the extent of any conflict with the nonvariableprovisions specified in § 6A-5-103(c).
(d) If there is conflict between this chapter and chapters 3,4, 4.1 or 9 of this title, this chapter governs.
(e) The forum for settling disputes arising out of anundertaking within this chapter may be chosen in the manner and with thebinding effect that governing law may be chosen in accordance with subsection(a).