N.Y. Uniform Commercial Code Law Section 5-120
Savings clause

Section 5--120. Savings clause. A transaction arising out of or associated with a letter of credit that was issued before the effective date of this article and the rights, obligations, and interests flowing from that transaction are governed by any statute or other law amended or repealed by the chapter of the laws which added this article as if repeal or amendment had not occurred and may be terminated, completed, consummated, or enforced under that statute or other law.

Source: Section 5-120 — Savings clause, https://www.­nysenate.­gov/legislation/laws/UCC/5-120 (updated Sep. 22, 2014; accessed Apr. 20, 2024).

Green check means up to date. Up to date

Accessed:
Apr. 20, 2024

Last modified:
Sep. 22, 2014

§ 5-120’s source at nysenate​.gov

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