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Can you summarize NVRS 104.5108?
Uniform Commercial CodeOriginal Articles > Issuers rights and obligations.
Short Summary
This legal document, governed by the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, outlines the rights and obligations of an issuer in relation to letters of credit. An issuer is required to honor a presentation that strictly complies with the terms and conditions of the letter of credit, unless otherwise provided. The issuer has a reasonable time to honor the letter of credit, accept a draft, or give notice of discrepancies. The issuer is precluded from asserting any discrepancy as a basis for dishonor if timely notice is not given. The document also states that the issuer is not responsible for the performance or nonperformance of the underlying contract, acts or omissions of others, or observance of trade usage. If a letter of credit contains nondocumentary conditions, the issuer must disregard them. The issuer must return the documents if a presentation is dishonored and is entitled to reimbursement from the applicant if a presentation is honored. The issuer is discharged from its performance under the letter of credit, except in cases of forged beneficiary signatures. Overall, this document provides guidance on the obligations and responsibilities of an issuer in relation to letters of credit.
Whom does it apply to?
Issuers of letters of credit
What does it govern?
Rights and obligations of an issuer in relation to letters of credit
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada