Title 12A, Title 12A: COMMERCIAL TRANSACTIONS

12A:4A-405. Payment by beneficiary's bank to beneficiary 12A:4A-405. Payment by beneficiary's bank to beneficiary. (1) If the beneficiary's bank credits an account of the beneficiary of a payment order, payment of the bank's obligation under section 12A:4A-404(1) occurs when and …

12A:4A-406. Payment by originator to beneficiary; discharge of underlying obligation 12A:4A-406. Payment by originator to beneficiary; discharge of underlying obligation. (1) Subject to sections 12A:4A-211(5), 12A:4A-405(4), and 12A:4A-405(5), the originator of a funds transfer p…

12A:4A-501. Variation by agreement and effect of funds-transfer system rule 12A:4A-501. Variation by agreement and effect of funds-transfer system rule. (1) Except as otherwise provided in this chapter, the rights and obligations of a party to a funds transfer may be varied by ag…

12A:4A-502. Creditor process served on receiving bank; set-off by beneficiary's bank 12A:4A-502. Creditor process served on receiving bank; set-off by beneficiary's bank. (1) As used in this section, "creditor process" means levy, attachment, garnishment, notice of lien, sequestr…

12A:4A-503. Injunction or restraining order with respect to funds transfer 12A:4A-503. Injunction or restraining order with respect to funds transfer. For proper cause and in compliance with applicable law, a court may restrain (i) a person from issuing a payment order to initiat…

12A:4A-504. Order in which items and payment orders may be charged to account; order of withdrawals from account 12A:4A-504. Order in which items and payment orders may be charged to account; order of withdrawals from account. (1) If a receiving bank has received more than one pa…

12A:4A-505. Preclusion of objection to debit of customer's account 12A:4A-505. Preclusion of objection to debit of customer's account. 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 accep…

12A:4A-506. Rate of interest 12A:4A-506. Rate of interest. (1) If, under this chapter, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount payable may be determined (i) by agreement of the sender and receiving bank, or (ii) b…

12A:4A-507. Choice of law 12A:4A-507. Choice of law. (1) The following rules apply unless the affected parties otherwise agree or subsection (3) applies: (a) The rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jur…

12A:5-101 Short title. 12A:5-101. Short Title. This chapter may be cited as "Uniform Commercial Code--Letters of Credit." L.1997,c.395,s.1.

12A:5-102 Definitions. 12A:5-102. Definitions. a. As used in this chapter: (1) "Adviser" means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another adviser to notify the beneficiary that a letter of credit has been issued, conf…

12A:5-103. Scope. 12A:5-103. Scope. a. This chapter applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. b. The statement of a rule in this chapter does not by itself require, imply, or negate application of t…

12A:5-104 Formal requirements. 12A:5-104. Formal Requirements. A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated (a) by a signature; or (b) in accordance with the agreement of the parties…

12A:5-105 Consideration. 12A:5-105. Consideration. Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation. L.1997,c.395,s.1.

12A:5-106 Issuance, amendment, cancellation, and duration. 12A:5-106. Issuance, Amendment, Cancellation, and Duration. a. A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits it to the person r…

12A:5-107 Confirmer, nominated person, and adviser. 12A:5-107. Confirmer, Nominated Person, and Adviser. a. A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its confirmation. The confirmer also has rights aga…

12A:5-108 Issuer's rights and obligations. 12A:5-108. Issuer's Rights and Obligations. a. Except as otherwise provided in 12A:5-109, an issuer shall honor a presentation that, as determined by the standard practice referred to in subsection e. of this section, appears on its face…

12A:5-109 Fraud and forgery. 12A:5-109. Fraud and Forgery. 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 woul…

12A:5-110 Warranties. 12A:5-110. Warranties. 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 subsection a. of 12A:5-109; and…

12A:5-111 Remedies. 12A:5-111. Remedies. a. If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor, or nominated person presenting on its own behalf may recover from the issuer the amoun…

12A:5-112 Transfer of letter of credit. 12A:5-112. Transfer of Letter of Credit. a. Except as otherwise provided in 12A: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 m…

12A:5-113 Transfer by operation of law. 12A:5-113. Transfer by Operation of Law. a. 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 su…

12A:5-114 Assignment of proceeds. 12A:5-114. Assignment of Proceeds. a. In this section, "proceeds of a letter of credit" means 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 …

12A:5-115 Statute of limitations. 12A:5-115. Statute of Limitations. An action to enforce a right or obligation arising under this chapter 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, w…

12A:5-116 Choice of law and forum. 12A:5-116. Choice of Law and Forum. a. The liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction chosen by an agreement in the form of a record signed or otherwise authenticated by…

12A:5-117 Subrogation of issuer, applicant, and nominated person. 12A:5-117. Subrogation of Issuer, Applicant, and Nominated Person. a. An issuer that honors a beneficiary's presentation is subrogated to the rights of the beneficiary to the same extent as if the issuer were a sec…

12A:5-118. Security interest of issuer or nominated person 15. 12A:5-118. Security Interest of Issuer or Nominated Person. a. An issuer or nominated person has a security interest in a document presented under a letter of credit to the extent that the issuer or nominated person h…

12A:7-101. Short title. 12A:7-101. Short title. This Chapter may be cited as Uniform Commercial Code - Documents of Title. L.2013, c.65, s.2.

12A:7-102. Definitions and index of definitions. 12A:7-102. Definitions and Index of Definitions. a. In this Chapter, unless the context otherwise requires: (1) "Bailee" means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession…

12A:7-103. Relation of chapter to treaty or statute. 12A:7-103. Relation of Chapter To Treaty or Statute. a. This Chapter is subject to any treaty or statute of the United States or regulatory statute of this State to the extent the treaty, statute, or regulatory statute is appli…

12A:7-104. Negotiable and nonnegotiable document of title 12A:7-104. Negotiable and Nonnegotiable Document of Title a. Except as otherwise provided in subsection c. of this section, a document of title is negotiable if by its terms the goods are to be delivered to the bearer or t…

12A:7-105. Reissuance in alternative medium. 12A:7-105. Reissuance in Alternative Medium. a. Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic do…

12A:7-106. Control of electronic document of title. 12A:7-106. Control of Electronic Document of Title. a. A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that pe…

12A:7-201. Person that may issue a warehouse receipt; storage under bond. 12A:7-201. Person That May Issue a Warehouse Receipt; Storage Under Bond. a. A warehouse receipt may be issued by any warehouse. b. If goods, including distilled spirits and agricultural commodities, are st…

12A:7-202. Form of warehouse receipt; effect of omission. 12A:7-202. Form of Warehouse Receipt; Effect of Omission. a. A warehouse receipt need not be in any particular form. b. Unless a warehouse receipt provides for each of the following, the warehouse is liable for damages cau…

12A:7-203. Liability for nonreceipt or misdescription. 12A:7-203. Liability For Nonreceipt or Misdescription. A party to or purchaser for value in good faith of a document of title, other than a bill of lading, that relies upon the description of the goods in the document may rec…

12A:7-204. Duty of care; contractual limitation of warehouse's liability. 12A:7-204. Duty of Care; Contractual Limitation of Warehouse's Liability. a. A warehouse is liable for damages for loss of or injury to the goods caused by its failure to exercise care with regard to the go…

12A:7-205. Title under warehouse receipt defeated in certain cases. 12A:7-205. Title Under Warehouse Receipt Defeated in Certain Cases. A buyer in ordinary course of business of fungible goods sold and delivered by a warehouse that is also in the business of buying and selling su…

12A:7-206. Termination of storage at warehouse's option. 12A:7-206. Termination of Storage At Warehouse's Option. a. A warehouse, by giving notice to the person on whose account the goods are held and any other person known to claim an interest in the goods, may require payment o…

12A:7-207. Goods must be kept separate; fungible goods. 12A:7-207. Goods Must Be Kept Separate; Fungible Goods. a. Unless the warehouse receipt provides otherwise, a warehouse shall keep separate the goods covered by each receipt so as to permit at all times identification and de…

12A:7-208. Altered warehouse receipts. 12A:7-208. Altered Warehouse Receipts. If a blank in a negotiable tangible warehouse receipt has been filled in without authority, a good-faith purchaser for value and without notice of the lack of authority may treat the insertion as author…

12A:7-209. Lien of warehouse. 12A:7-209. Lien of Warehouse. a. A warehouse has a lien against the bailor on the goods covered by a warehouse receipt or storage agreement or on the proceeds thereof in its possession for charges for storage or transportation, including demurrage an…

12A:7-210. Enforcement of warehouse's lien. 12A:7-210. Enforcement of Warehouse's Lien. a. Except as otherwise provided in subsection b. of this section, a warehouse's lien may be enforced by public or private sale of the goods, in bulk or in packages, at any time or place and on…

12A:7-301. Liability for nonreceipt or misdescription; "said to contain;" "shipper's weight, load, and count;" improper handling. 12A:7-301. Liability For Nonreceipt or Misdescription; "Said To Contain;" "Shipper's Weight, Load, and Count;" Improper Handling. a. A consignee of a …

12A:7-302. Through bills of lading and similar documents of title. 12A:7-302. Through Bills of Lading And Similar Documents of Title. a. The issuer of a through bill of lading, or other document of title embodying an undertaking to be performed in part by a person acting as its a…

12A:7-303. Diversion; reconsignment; change of instructions. a. Unless the bill of lading otherwise provides, a carrier may deliver the goods to a person or destination other than that stated in the bill or may otherwise dispose of the goods, without liability for misdelivery, on…