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RSA 382-A:5-109 · Fraud and Forgery

Title
XXXIV-A: UNIFORM COMMERCIAL CODE
Chapter
382-A · UNIFORM COMMERCIAL CODE
Status
current
Official source linked
Yes
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382-A:5-109 Fraud and Forgery. –

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(a)

If a presentation is made that appears on its face strictly to comply with the terms and conditions of the letter of credit, but a required document is forged or materially fraudulent, or honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant:

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(1)

the issuer shall honor the presentation, if honor is demanded by (i) a nominated person who has given value in good faith and without notice of forgery or material fraud, (ii) a confirmer who has honored its confirmation in good faith, (iii) a holder in due course of a draft drawn under the letter of credit which was taken after acceptance by the issuer or nominated person, or (iv) an assignee of the issuer's or nominated person's deferred obligation that was taken for value and without notice of forgery or material fraud after the obligation was incurred by the issuer or nominated person; and

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(2)

the issuer, acting in good faith, may honor or dishonor the presentation in any other case.

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(b)

If an applicant claims that a required document is forged or materially fraudulent or that honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant, a court of competent jurisdiction may temporarily or permanently enjoin the issuer from honoring a presentation or grant similar relief against the issuer or other persons only if the court finds that:

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(1)

the relief is not prohibited under the law applicable to an accepted draft or deferred obligation incurred by the issuer;

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(2)

a beneficiary, issuer, or nominated person who may be adversely affected is adequately protected against loss that it may suffer because the relief is granted;

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(3)

all of the conditions to entitle a person to the relief under the law of this state have been met; and

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(4)

on the basis of the information submitted to the court, the applicant is more likely than not to succeed under its claim of forgery or material fraud and the person demanding honor does not qualify for protection under subsection (a)(1). Source. 1998, 200:1, eff. Jan. 1, 1999.

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Source note

Source. 1998, 200:1, eff. Jan. 1, 1999.

Source history

  • 1998, 200:1, eff. Jan. 1, 1999

Related materials

Bill relationships

  • 2026 HB1066 reference

    installment sale, or other similar agreement to acquire use or ownership of such equipment as is from time to time required by the municipality. For purposes of this section and RSA 382-A, building or facility improvements related to the installation, purpose, or operation of such equipment shall be deemed to constitute equipment and the costs of such improvements may be financed through lease agreements

  • 2026 HB1066-FN reference

    installment sale, or other similar agreement to acquire use or ownership of such equipment as is from time to time required by the municipality. For purposes of this section and RSA 382-A, building or facility improvements related to the installation, purpose, or operation of such equipment shall be deemed to constitute equipment and the costs of such improvements may be financed through lease agreements

  • 2026 HB1748 reference · effective 2027-01-01

    V. Any mortgage, pledge, or security interest made by the authority under this chapter shall be valid and binding and shall be deemed continuously perfected for the purposes of RSA 382-A and all other laws from the time when the mortgage, pledge, or security interest is made. The property or revenues so mortgaged, pledged, or subjected to a security interest then held or thereafter acquired or received

  • 2026 HB1748-FN reference · effective 2027-01-01

    V. Any mortgage, pledge, or security interest made by the authority under this chapter shall be valid and binding and shall be deemed continuously perfected for the purposes of RSA 382-A and all other laws from the time when the mortgage, pledge, or security interest is made. The property or revenues so mortgaged, pledged, or subjected to a security interest then held or thereafter acquired or received

  • 2026 SB56 reference · effective 2031-07-01

    rfected from the time when the security document is executed with or without any subsequent physical delivery or segregation of the money and without any filing or recording under RSA 382-A or otherwise] A pledge of property, revenues, or other collateral by the authority to secure the payment of principal or redemption price of, or interest on, any bonds, or any reimbursement or similar agreement with any