If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, and the customer received notification reasonably identifying the order, the customer is precluded from asserting that the bank is not entitled to retain the payment unless the customer notifies the bank of the customer’s objection to the payment within one year after the notification was received by the customer.

This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the rate of interest applicable to payment orders issued to receiving banks. The amount of interest payable can be determined by agreement between the sender and receiving bank or by a funds-transfer system rule if the payment order is transmitted through a funds-transfer system. If the amount of interest is not determined by agreement or rule, it is calculated by multiplying the applicable Federal Funds rate by the amount on which interest is payable, and then multiplying the product by the number of days for which interest is payable.

This legal document governs the choice of law in relation to payment orders and funds transfers. It establishes rules for determining the rights and obligations between the sender of a payment order and the receiving bank, as well as between the beneficiary’s bank and the beneficiary. The law of the jurisdiction where the receiving bank or beneficiary’s bank is located generally governs these rights and obligations, unless the parties have agreed otherwise or a funds-transfer system rule applies.

This article may be cited as Uniform Commercial Code-Letters of Credit. Source. 1998, 200:1, eff. Jan. 1, 1999.

This legal document is part of the New Hampshire Revised Statutes and falls under the Uniform Commercial Code (Chapter 382-A). It governs commercial transactions and provides definitions for various terms used in the context of letters of credit. The document defines terms such as adviser, applicant, beneficiary, confirmer, dishonor, document, good faith, honor, issuer, letter of credit, nominated person, presentation, presenter, record, and successor of a beneficiary. It also references definitions from other articles within the Uniform Commercial Code.

This article of the New Hampshire Revised Statutes, known as the Uniform Commercial Code, governs letters of credit and the rights and obligations associated with transactions involving letters of credit. It applies to parties involved in such transactions, including issuers, beneficiaries, nominated persons, and applicants. The article allows for variations by agreement or provision, except for certain subsections and prohibited circumstances. The rights and obligations of an issuer to a beneficiary or nominated person under a letter of credit are independent of any contract or arrangement underlying the letter of credit.

A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a signed record. Source. 1998, 200:1, eff. Jan. 1, 1999. 2023, 236:17, eff. Oct. 7, 2023.

Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation. Source. 1998, 200:1, eff. Jan. 1, 1999.

This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the issuance, amendment, cancellation, and duration of letters of credit. According to the document, a letter of credit becomes enforceable against the issuer when it is sent or transmitted to the person requested to advise or the beneficiary. The document states that a letter of credit is revocable only if it explicitly provides for revocation.

This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the rights and obligations of a confirmer, nominated person, and adviser in relation to letters of credit. A confirmer is directly obligated on a letter of credit and has the same rights and obligations as an issuer. A nominated person who is not a confirmer is not obligated to honor a presentation. A person requested to advise may decline to act as an adviser.