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Can you summarize NVRS 104.5109?
Uniform Commercial CodeOriginal Articles > Fraud and forgery.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the treatment of 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 must honor the presentation if demanded by certain parties who have given value in good faith and without notice of the forgery or fraud. However, 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 court must find that the relief is not prohibited, the affected parties are adequately protected, all conditions for relief are met, and the applicant is likely to succeed in their claim. The person demanding honor must not qualify for protection under certain circumstances. The document was added to the Nevada Revised Statutes in 1997.
Whom does it apply to?
Issuers, nominated persons, applicants, nominated persons, 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
Nevada