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Can you summarize NHRS 382-A:5-113?
UNIFORM COMMERCIAL CODE > Transfer by Operation of Law.
Short Summary
This legal document, part of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the transfer of drawing rights by operation of law. It outlines the rights and obligations of successors of beneficiaries, issuers, and purported successors. A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor. Alternatively, a successor may consent to amendments, sign and present documents, and receive payment or other items of value in its own name as the disclosed successor of the beneficiary. The issuer is not obliged to determine the authenticity or authorization of a purported successor’s signature. The document also specifies the consequences of honoring a purported successor’s presentation and addresses the rights and obligations of beneficiaries whose names are changed after the issuance of a letter of credit. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Successors of beneficiaries, issuers, and purported successors
What does it govern?
Transfer of drawing rights by operation of law under the standard practice referred to in Section 5-108(e) or, in the absence of such a practice, compliance with other reasonable procedures sufficient to protect the issuer
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire