New Jersey § 12a:3-411

§ 12a:3-411.

a. As used in this section, “ obligated bank ” means the acceptor of a certified check or the issuer of a cashier's check or teller's

check bought from the issuer. b. If the obligated bank wrongfully refuses to pay a cashier's check or certified

check, stops payment of a teller's check, or refuses to pay a dishonored teller's

check, the person asserting the right to enforce the check is entitled to compensation

for expenses and loss of interest resulting from the nonpayment and may recover consequential

damages if the obligated bank refuses to pay after receiving notice of particular

circumstances giving rise to the damages. c. Expenses or consequential damages under subsection b. of this section are not recoverable

if the refusal of the obligated bank to pay occurs because the bank suspends payments,

the obligated bank asserts a claim or defense of the bank that it has reasonable grounds

to believe is available against the person entitled to enforce the instrument, the

obligated bank has a reasonable doubt whether the person demanding payment is the

person entitled to enforce the instrument, or payment is prohibited by law.