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810 ILCS 5/5-116
(810 ILCS 5/5-116) (from Ch. 26, par. 5-116)
Sec. 5-116.
Choice of law and forum.
(a) 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 record signed or otherwise authenticated by the
affected parties in the manner provided in Section 5-104 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.
(b) Unless subsection (a) 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. If more
than one address is indicated, the person is considered to be located at the
address from which the person's undertaking was issued. For the purpose of
jurisdiction, choice of law, and recognition of interbranch letters of credit,
but not enforcement of a judgment, all branches of a bank are considered
separate juridical entities and a bank is considered to be located at the place
where its relevant branch is considered to be located under this subsection.
(c) 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 Uniform Customs and Practice for Documentary
Credits, to which the letter of credit, confirmation, or other undertaking is
expressly made subject. If (i) this Article would govern the liability of an
issuer, nominated person, or adviser under subsection (a) or (b), (ii) the
relevant undertaking incorporates rules of custom or practice, and (iii) there
is conflict between this Article and those rules as applied to that
undertaking, those rules govern except to the extent of any conflict with the
nonvariable provisions specified in Section 5-103(c).
(d) If there is conflict between this Article and Article 3, 4, 4A, or
9, this Article governs.
(e) 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 in accordance with subsection (a).
(Source: P.A. 89-534, eff. 1-1-97.)
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