Mississippi Code
Miss. Code Ann. § 75-5-103 (2026)
Scope
✓ current as of July 2026
- (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 subsection, subsections (a) and (d), Sections 75-5-102(a)(9) and (10), 75-5-106(d), and 75-5-114(d), and except to the extent prohibited in Sections 75-1-302 and 75-5-117(d), 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.
Laws, 1996, ch. 460, § 4; Laws, 2010, ch. 506, § 37, eff. 7/1/2010.
Notes of Decisions
Cited in 6
cases, 1978–2011 · leading case: First Am. Nat. Bank of Iuka v. Alcorn, Inc., 361 So. 2d 481 (Miss. 1978).
First Am. Nat. Bank of Iuka v. Alcorn, Inc., 361 So. 2d 481 (Miss. 1978). “Section 75-5-103(1)(a), in part, provides: "Credit" or "letter of credit" means an engagement by a bank or other person made at the request of a customer and of a kind within the scope of this chapter .”
Hataway v. Nicholls, 893 So. 2d 1054 (Miss. 2005). “Miss.Code Ann. § 75-5-103(a). The payment of any commitment fee is of no consequence as "consideration is not required to issue, amend, transfer or cancel a letter of credit, advice or confirmation.”
Rogers v. CIT Grp./Equip. Fin., Inc. (In Re B.C. Rogers Poultry, Inc.), 455 B.R. 524 (Bankr. S.D. Miss. 2011). “The facts of this case are unusual because the applicants, Rogers and Williams, are not the account parties in the CIT Lease. It is therefore not surprising that the statute does not address the subrogation rights of applicants like Rogers and Williams since they are usually…”
Rushing v. Trustmark Nat'l Bank, 66 So. 3d 729 (Miss. Ct. App. 2011). “See Miss.Code Ann. § 75-5-103 (Supp.2010). See also Union Planters, Nat'l Ass'n v.”
Hendry Const. Co. v. Bank of Hattiesburg, 562 So. 2d 100 (Miss. 1990). “" § 75-5-103(1)(a). "... (A) statement by a bank advising a third person that `we have committed to (x) for real estate mortgage loan' subject to substantive conditions was not a letter of credit because it lacked the `essential element' of a `direct promise by the bank to pay…”
Freddie Dabney Hataway v. David H. Dabney (Miss. 2003). “Miss. Code Ann. § 75-5-103 (a). The payment of any commitment fee is of no consequence as “consideration is not required to issue, amend, transfer or cancel a letter of credit, advice or confirmation.”
Miss. Code Ann. § 75-5-103(1)(a): 2 cases
First Am. Nat. Bank of Iuka v. Alcorn, Inc., 361 So. 2d 481 (Miss. 1978). “Section 75-5-103(1)(a), in part, provides: "Credit" or "letter of credit" means an engagement by a bank or other person made at the request of a customer and of a kind within the scope of this chapter .”
Hendry Const. Co. v. Bank of Hattiesburg, 562 So. 2d 100 (Miss. 1990). “" § 75-5-103(1)(a). "... (A) statement by a bank advising a third person that `we have committed to (x) for real estate mortgage loan' subject to substantive conditions was not a letter of credit because it lacked the `essential element' of a `direct promise by the bank to pay…”
Miss. Code Ann. § 75-5-103(1)(b): 1 case
First Am. Nat. Bank of Iuka v. Alcorn, Inc., 361 So. 2d 481 (Miss. 1978). “Section 75-5-103(1)(a), in part, provides: "Credit" or "letter of credit" means an engagement by a bank or other person made at the request of a customer and of a kind within the scope of this chapter .”
Miss. Code Ann. § 75-5-103(a): 1 case
Hataway v. Nicholls, 893 So. 2d 1054 (Miss. 2005). “Miss.Code Ann. § 75-5-103(a). The payment of any commitment fee is of no consequence as "consideration is not required to issue, amend, transfer or cancel a letter of credit, advice or confirmation.”
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