Uniform Commercial Code
Letters of Credit
§ 6A-5-119 Transition.
This chapter shall take effect on July 1, 2001 and 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. 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by any statute or other law amended or repealed by this chapter as if repeal or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 of Section.
(P.L. 2000, ch. 182, § 4; P.L. 2000, ch. 420, § 4.)