Section 5--120. Savings clause

A  transaction  arising  out  of or associated with a letter of credit
  that was issued before the  effective  date  of  this  article  and  the
  rights,  obligations,  and  interests  flowing from that transaction are
  governed by any statute or other law amended or repealed by the  chapter
  of  the  laws which added this article as if repeal or amendment had not
  occurred and may be  terminated,  completed,  consummated,  or  enforced
  under that statute or other law.