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Can you summarize NVRS 104.5116?
Uniform Commercial CodeOriginal Articles > Choice of law and forum.
Short Summary
This legal document governs the liability of an issuer, nominated person, or adviser for their actions or omissions. It also establishes the rules for choosing the jurisdiction’s law and forum for settling disputes. The liability is determined either by the law of the jurisdiction chosen through an agreement or by the law of the jurisdiction where the issuer, nominated person, or adviser is located. Customary rules or practices, such as the Uniform Customs and Practice for Documentary Credits, may also govern the liability, except when there is a conflict with the nonvariable provisions specified in the document. In case of conflict, this document takes precedence over articles 3, 4, 4A, or 9. Parties involved in the undertaking may choose the forum for settling disputes in the same manner as choosing the governing law. Overall, this document provides guidelines for determining liability and jurisdiction in relation to letters of credit, confirmations, and other undertakings.
Whom does it apply to?
Issuers, nominated persons, advisers, and parties affected by agreements in the form of a record, letters of credit, confirmations, or other undertakings
What does it govern?
Liability of an issuer, nominated person or adviser for action or omission, choice of law and forum for settling disputes
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada