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Can you summarize NVRS 104.5111?
Uniform Commercial CodeOriginal Articles > Remedies.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the remedies available in various situations related to letters of credit and drafts. It outlines the rights of beneficiaries, successors, and nominated persons in case of wrongful dishonor or repudiation by the issuer. The document allows the recovery of the amount subject to dishonor or repudiation, specific performance, or an amount equal to the value of performance. Incidental damages can also be recovered, but not consequential damages. The claimant is not obligated to avoid damages, but if they do, the recovery from the issuer is reduced by the amount of damages avoided. The document also covers the rights of applicants in case of wrongful dishonor or breach of obligation by the issuer. Damages resulting from the breach, including incidental damages, can be recovered. Additionally, it addresses the rights of advisers, nominated persons, and confirmers in case of breach of obligation. The liable party must pay interest on the amount owed, and reasonable attorney’s fees and expenses of litigation are awarded to the prevailing party. Parties may also agree to liquidate damages by a reasonable amount or formula. No specific penalties are mentioned in this document.
Whom does it apply to?
Beneficiaries, successors, nominated persons, applicants, advisers, and nominated persons
What does it govern?
Remedies
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Nevada