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Can you summarize NHRS 382-A:5-111?
UNIFORM COMMERCIAL CODE > Remedies.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the remedies available in letter of credit transactions. It outlines the rights of beneficiaries, successors, and nominated persons in case of wrongful dishonor or repudiation by the issuer. The document states that the beneficiary, successor, or nominated person may recover the amount subject to dishonor or repudiation from the issuer. If the issuer’s obligation is not for the payment of money, the claimant may seek specific performance or recover an amount equal to the value of performance. The claimant may also recover incidental damages but not consequential damages. The document also addresses the remedies available to applicants if the issuer wrongfully dishonors a draft or demand or honors it in breach of its obligation. Additionally, it covers the remedies available to persons owed an obligation by an adviser or nominated person other than a confirmer. The document specifies that interest, reasonable attorney’s fees, and other litigation expenses must be awarded to the prevailing party seeking a remedy under this article. It also allows for the liquidation of damages by agreement or undertaking, as long as the amount or formula is reasonable in light of the anticipated harm.
Whom does it apply to?
Beneficiaries, successors, nominated persons, applicants, advisers, and issuers involved in letter of credit transactions
What does it govern?
Remedies
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
New Hampshire