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Can you summarize NVRS 104.5113?
Uniform Commercial CodeOriginal Articles > Transfer by operation of law.
Short Summary
This legal document, part of the Nevada Revised Statutes, specifically falls under the Uniform Commercial CodeOriginal Articles. It governs the rights and obligations of successors of beneficiaries, issuers, confirmer, and nominated persons in relation to amendments, document signing and presentation, receipt of payment or other items of value, and recognition by the issuer of a transfer of drawing rights by operation of law. The document clarifies that a successor of a beneficiary may act on behalf of the beneficiary without disclosing its status as a successor or as a disclosed successor. The issuer is not obligated to verify the authenticity or authorization of a purported successor’s signature. The document also mentions the consequences of honoring a presentation by a purported successor, even if they are not the actual successor. Additionally, it states that an issuer, confirmer, or nominated person may decline to recognize a presentation under certain circumstances. Furthermore, it highlights that a beneficiary whose name is changed after the issuance of a letter of credit has the same rights and obligations as a successor of a beneficiary under this section.
Whom does it apply to?
Successors of beneficiaries, issuers, confirmer, nominated person
What does it govern?
Uniform Commercial CodeOriginal Articles
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada