Ohio Code § 1305.02
Ohio Code § 1305.02. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 1305.02.
(A) This chapter applies to letters of credit and to certain rights and obligations arising
out of transactions involving letters of credit. (B) The statement of a rule in this chapter does not by itself require, imply, or negate
application of the same or a different rule to a situation not provided for, or to
a person not specified, in this chapter. (C) With the exception of this division, divisions (A) and (D) of this section, divisions
(A)(9) and (10) of section 1305.01, division (D) of section 1305.05, and division
(D) of section 1305.13, and except to the extent prohibited in section 1301.302 and division (D) of section 1305.16 of the Revised Code , the effect of this chapter may be varied by agreement or by a provision stated or
incorporated by reference in an undertaking. A term in an agreement or undertaking generally excusing liability or generally
limiting remedies for failure to perform obligations is not sufficient to vary obligations
prescribed by this chapter. (D) Rights and obligations of an issuer to a beneficiary or a nominated person under
a letter of credit are independent of the existence, performance, or nonperformance
of a contract or arrangement out of which the letter of credit arises or which underlies
it, including contracts or arrangements between the issuer and the applicant and between
the applicant and the beneficiary.
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 1305.02
- Jurisdiction: Ohio
- Code: Ohio Revised Code
- Text: transcribed from the official source (verify below)
Verify the text
Statute text is transcribed from the official Ohio Revised Code. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Ohio attorney.
Common questions
What is the source of Ohio Revised Code § 1305.02?
The text above is transcribed from the Ohio Revised Code, the codified statutes of Ohio. The official publisher link appears under "Verify the text" on this page.
What subject does Ohio Revised Code § 1305.02 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Ohio Revised Code § 1305.02 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Ohio source before relying on this text.
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No. This is a reference transcription for research. Applying Ohio law to your facts requires a licensed Ohio attorney who can review the specifics.