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Can you summarize NHRS 382-A:5-116?
UNIFORM COMMERCIAL CODE > Choice of Law and Forum.
Short Summary
This legal document governs the liability, choice of law, and forum for settling disputes related to issuers, nominated persons, advisers, and branches of banks involved in letters of credit, confirmations, or other undertakings. The liability of these entities is determined by the law of the jurisdiction chosen through an agreement or provision in the undertaking. If no jurisdiction is chosen, the liability is governed by the law of the jurisdiction where the person or branch is located. Customary rules and practices, such as the Uniform Customs and Practice for Documentary Credits, may also apply. In case of conflict with other articles of the Uniform Commercial Code, this article takes precedence. The forum for settling disputes can be chosen in accordance with the chosen governing law. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Issuers, nominated persons, advisers, and branches of banks involved in letters of credit, confirmations, or other undertakings.
What does it govern?
The choice of law and forum for settling disputes arising out of an undertaking within this article.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire