UCC 5-116(b) says if there is no law chosen, law of jurisdiction in which bank is located governs that bank’s promise under the L/C
bank’s location is considered to be located at address indicated in L/C so bank basically gets to chose law bc it can choose what letterhead it puts the L/C on
UCC 5-116(c) says if L/C expressly made subject to UCP, then UCP governs. If there is conflict between UCP and UCC, UCP governs except to extent of any conflict with the non-variable provisions in 5-103(c).
L/C contract is in no way involved in or connected with, other than presentation of the documents, the contract for the purchase and sale of the goods Independent promise by issuing bank to beneficiary
