N.Y. U.C.C. 5-120

Section 5--120. Savings clause.\n A transaction arising out of or associated with a letter of credit\nthat was issued before the effective date of this article and the\nrights, obligations, and interests flowing from that transaction are\ngoverned by any statute or other law amended or repealed by the chapter\nof the laws which added this article as if repeal or amendment had not\noccurred and may be terminated, completed, consummated, or enforced\nunder that statute or other law.\n