Savings clause
Source:
Section 5-120 — Savings clause, https://www.nysenate.gov/legislation/laws/UCC/5-120 (updated Sep. 22, 2014; accessed Nov. 1, 2025).
5–101
Short title 5–102
Definitions 5–103
Scope 5–104
Formal requirements 5–105
Consideration 5–106
Issuance, amendment, cancellation, and duration 5–107
Confirmer, nominated person, and advisor 5–108
Issuer’s rights and obligations 5–109
Fraud and forgery 5–110
Warranties 5–111
Remedies 5–112
Transfer of letter of credit 5–113
Transfer by operation of law 5–114
Assignment of proceeds 5–115
Statute of limitations 5–116
Choice of law and forum 5–117
Subrogation of issuer, applicant, and nominated person 5–118
Security Interest of Issuer or Nominated Person 5–119
Applicability 5–120
Savings clause
Short title 5–102
Definitions 5–103
Scope 5–104
Formal requirements 5–105
Consideration 5–106
Issuance, amendment, cancellation, and duration 5–107
Confirmer, nominated person, and advisor 5–108
Issuer’s rights and obligations 5–109
Fraud and forgery 5–110
Warranties 5–111
Remedies 5–112
Transfer of letter of credit 5–113
Transfer by operation of law 5–114
Assignment of proceeds 5–115
Statute of limitations 5–116
Choice of law and forum 5–117
Subrogation of issuer, applicant, and nominated person 5–118
Security Interest of Issuer or Nominated Person 5–119
Applicability 5–120
Savings clause
