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Georgia State Code
Title      11
Chapter       5  
Section Navigation   101 ... 110         111 ... 118     
Section<<< 111 112 113 114 115 116 117 118  
Title 11, Chapter 5, Section 115 (11-5-115)
Remedy for improper dishonor or anticipatory repudiation.

(1) When an issuer wrongfully dishonors a draft or demand for payment presented under a credit the person entitled to honor has with respect to any documents the rights of a person in the position of a seller (Code Section 11-2-707) and may recover from the issuer the face amount of the draft or demand together with incidental damages under Code Section 11-2-710 on seller's incidental damages and interest but less any amount realized by resale or other use or disposition of the subject matter of the transaction. In the event no resale or other utilization is made the documents, goods, or other subject matter involved in the transaction must be turned over to the issuer on payment of judgment.

(2) When an issuer wrongfully cancels or otherwise repudiates a credit before presentment of a draft or demand for payment drawn under it the beneficiary has the rights of a seller after anticipatory repudiation by the buyer under Code Section 11-2-610 if he learns of the repudiation in time reasonably to avoid procurement of the required documents. Otherwise the beneficiary has an immediate right of action for wrongful dishonor.

Sunday May 24 15:33 EDT


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