This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code, governs the rights and obligations of an issuer in relation to a letter of credit. An issuer is required to honor a presentation that strictly complies with the terms and conditions of the letter of credit, unless otherwise provided in Section 5-109. The issuer has a reasonable time to honor the presentation, accept a draft, or give notice of discrepancies.

This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs 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 shall honor the presentation if demanded by certain parties who have given value in good faith and without notice of forgery or fraud.

(a) If its presentation is honored, the beneficiary warrants: (1) to the issuer, any other person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in Section 5-109(a); and (2) to the applicant that the drawing does not violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of credit.

This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the remedies available in letter of credit transactions. It outlines the rights of beneficiaries, successors, and nominated persons in case of wrongful dishonor or repudiation by the issuer. The document states that the beneficiary, successor, or nominated person may recover the amount subject to dishonor or repudiation from the issuer. If the issuer’s obligation is not for the payment of money, the claimant may seek specific performance or recover an amount equal to the value of performance.

(a) Except as otherwise provided in Section 5-113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter of credit may not be transferred. (b) Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if: (1) the transfer would violate applicable law; or (2) the transferor or transferee has failed to comply with any requirement stated in the letter of credit or any other requirement relating to transfer imposed by the issuer which is within the standard practice referred to in Section 5-108(e) or is otherwise reasonable under the circumstances.

This legal document, part of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the transfer of drawing rights by operation of law. It outlines the rights and obligations of successors of beneficiaries, issuers, and purported successors. A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor.

This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the assignment of proceeds of a letter of credit. It defines the term ‘proceeds of a letter of credit’ as the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The section allows a beneficiary to assign its right to part or all of the proceeds of a letter of credit, either before presentation as a present assignment or contingent upon compliance with the terms and conditions of the letter of credit.

An action to enforce a right or obligation arising under this article must be commenced within one year after the expiration date of the relevant letter of credit or one year after the cause of action accrues, whichever occurs later. A cause of action accrues when the breach occurs, regardless of the aggrieved party’s lack of knowledge of the breach. Source. 1998, 200:1, eff. Jan. 1, 1999.

This legal document governs the liability, choice of law, and forum for settling disputes related to issuers, nominated persons, advisers, and branches of banks involved in letters of credit, confirmations, or other undertakings. The liability of these entities is determined by the law of the jurisdiction chosen through an agreement or provision in the undertaking. If no jurisdiction is chosen, the liability is governed by the law of the jurisdiction where the person or branch is located.

This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the subrogation rights of issuers, applicants, and nominated persons in letter of credit transactions. According to this provision, when an issuer honors a beneficiary’s presentation, the issuer is subrogated to the rights of the beneficiary and the applicant as if the issuer were a secondary obligor of the underlying obligation. Similarly, when an applicant reimburses an issuer, the applicant is subrogated to the rights of the issuer against any beneficiary, presenter, or nominated person.