New Jersey § 12a:5-116
Full text of New Jersey New Jersey Statutes § 12a:5-116, with citation guidance and answers to common questions.
§ 12a:5-116.
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 the affected parties in the manner provided
in 12A:5-104 or by a provision in the person's letter of credit, confirmation, or
other undertaking. The jurisdiction whose law is chosen need not bear any relation to the transaction. b. Unless subsection a. of this section applies, the liability of an issuer, nominated
person, or adviser for action or omission is governed by the law of the jurisdiction
in which the person is located. The person is considered to be located at the address indicated in the person's
undertaking. If more than one address is indicated, the person is considered to be located at
the address from which the person's undertaking was issued. For the purpose of jurisdiction, choice of law, and recognition of interbranch letters
of credit, but not enforcement of a judgment, all branches of a bank are considered
separate juridical entities and a bank is considered to be located at the place where
its relevant branch is considered to be located under this subsection. c. Except as otherwise provided in this subsection, the liability of an issuer, nominated
person, or adviser is governed by any rules of custom or practice, such as the Uniform
Customs and Practice for Documentary Credits, to which the letter of credit, confirmation,
or other undertaking is expressly made subject. If (i) this chapter would govern the liability of an issuer, nominated person, or
adviser under subsection a. or b. of this section, (ii) the relevant undertaking incorporates
rules of custom or practice, and (iii) there is conflict between this chapter and
those rules as applied to that undertaking, those rules govern except to the extent
of any conflict with the nonvariable provisions specified in subsection c. of 12A:5-103. d. If there is conflict between this chapter, 12A:5-101 et seq. , and 12A:3-101 et seq. , 12A:4-101 et seq. , 12A:4A-101 et seq. , or 12A:9-101 et seq. , this chapter governs. e. The forum for settling disputes arising out of an undertaking within this chapter
may be chosen in the manner and with the binding effect that governing law may be
chosen in accordance with subsection a. of this section.
Frequently Asked Questions About New Jersey § 12a:5-116
What does New Jersey Statutes § 12a:5-116 cover?
Section 12a:5-116 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 12a:5-116?
A common citation format is "New Jersey Statutes § 12a:5-116" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 12a:5-116 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.