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Can you summarize NHRS 382-A:5-109?
UNIFORM COMMERCIAL CODE > Fraud and Forgery.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs presentations made under a letter of credit. It states that if a presentation appears to comply with the terms of the letter of credit but contains a forged or materially fraudulent document, the issuer shall honor the presentation if demanded by certain parties who have given value in good faith and without notice of forgery or fraud. The issuer may choose to honor or dishonor the presentation in other cases. If an applicant claims forgery or material fraud, a court may temporarily or permanently prevent the issuer from honoring the presentation if certain conditions are met. The document does not specify any penalties for non-compliance. Overall, it provides guidelines for handling fraud and forgery in relation to letter of credit presentations.
Whom does it apply to?
Issuers, nominated persons, applicants, nominated persons, confirmer, holders in due course, assignees
What does it govern?
Fraud and forgery in relation to presentations made under a letter of credit
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
New Hampshire