N.D. Cent. Code § 41-05-10
(5-110) Warranties
Redline — December 1, 2021 → current.View current text →
Current — January 1, 2022
As of December 1, 2021
(1) If its presentation is honored, the beneficiary warrants: 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 1 of section 41-05-09; and
(1) If its presentation is honored, the beneficiary warrants: 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 1 of section 41-05-09; 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.
(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.
(3) The warranties in subsection 1 are in addition to warranties arising under chapters 41-03, 41-04, 41-07, and 41-08 because of the presentation or transfer of documents covered by any of those chapters.
(3) The warranties in subsection 1 are in addition to warranties arising under chapters 41-03, 41-04, 41-07, and 41-08 because of the presentation or transfer of documents covered by any of those chapters.
(4) The damages for breach of warranty are not specified in Section 5-111. Courts may find damage analogies in Section 2-714 in Article 2 and in warranty decisions under Articles 3 and 4.
Official source: North Dakota Legislative Branch. Reproduced from public-domain North Dakota statutes; confirm against the official source for the current text. Not legal advice.