§ 554.5116

554.5116 Choice of law and forum. 1. The liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction chosen by an agreement in the form of a recordsigned or otherwise authenticated by the affected parties in the manner provided in section554.5104 or by a provision in the person’s letter of credit, confirmation, or other undertaking.The jurisdiction whose law is chosen need not bear any relation to the transaction. 2. Unless subsection 1 applies, the liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction in which the person is located.The person is considered to be located at the address indicated in the person’s undertaking. Ifmore than one address is indicated, the person is considered to be located at the address fromwhich the person’s undertaking was issued. For the purpose of jurisdiction, choice of law, andrecognition of interbranch letters of credit, but not enforcement of a judgment, all branchesof a bank are considered separate juridical entities and a bank is considered to be located atthe place where its relevant branch is considered to be located

ot enforcement of a judgment, all branchesof a bank are considered separate juridical entities and a bank is considered to be located atthe place where its relevant branch is considered to be located under this subsection. 3. Except as otherwise provided in this subsection, the liability of an issuer, nominated person, or adviser is governed by any rules of custom or practice, such as the uniformcustoms and practice for documentary credits, to which the letter of credit, confirmation,or other undertaking is expressly made subject. If this Article would govern the liability ofan issuer, nominated person, or adviser under subsection 1 or 2, the relevant undertakingincorporates rules of custom or practice, and there is conflict between this Article and thoserules as applied to that undertaking, those rules govern except to the extent of any conflictwith the nonvariable provisions specified in section 554.5103, subsection 3. 4. If there is conflict between this Article and Article 3, 4, 9, or 12, this Article governs.5. The forum for settling disputes arising out of an undertaking within this Article may be chosen in the manner and with the binding effect that governing law may be

, 9, or 12, this Article governs.5. The forum for settling disputes arising out of an undertaking within this Article may be chosen in the manner and with the binding effect that governing law may be chosen inaccordance with subsection 1. [C66, 71, 73, 75, 77, 79, 81, §554.5116]96 Acts, ch 1026, §15, 28; 97 Acts, ch 23, §69; 2013 Acts, ch 30, §261Referred to in §554.1301, 554.9306 Sat Dec 23 01:57:42 2023 Iowa Code 2024, Section 554.5116 (26, 0)