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Florida Statute 675.111 | Lawyer Caselaw & Research
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The 2024 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS
Chapter 675
UNIFORM COMMERCIAL CODE: LETTERS OF CREDIT
View Entire Chapter
F.S. 675.111
675.111 Remedies.
(1) 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 amount that is the subject of the dishonor or repudiation. If the issuer’s obligation under the letter of credit is not for the payment of money, the claimant may obtain specific performance or, at the claimant’s election, recover an amount equal to the value of performance from the issuer. In either case, the claimant may also recover incidental but not consequential damages. The claimant is not obligated to take action to avoid damages that might be due from the issuer under this subsection. If, although not obligated to do so, the claimant avoids damages, the claimant’s recovery from the issuer must be reduced by the amount of damages avoided. The issuer has the burden of proving the amount of damages avoided. In the case of repudiation the claimant need not present any document.
(2) If an issuer wrongfully dishonors a draft or demand presented under a letter of credit or honors a draft or demand in breach of its obligation to the applicant, the applicant may recover damages resulting from the breach, including incidental but not consequential damages, less any amount saved as a result of the breach.
(3) If an adviser or nominated person other than a confirmer breaches an obligation under this chapter or an issuer breaches an obligation not covered in subsection (1) or subsection (2), a person to whom the obligation is owed may recover damages resulting from the breach, including incidental but not consequential damages, less any amount saved as a result of the breach. To the extent of the confirmation, a confirmer has the liability of an issuer specified in this subsection and subsections (1) and (2).
(4) An issuer, nominated person, or adviser who is found liable under subsection (1), subsection (2), or subsection (3) shall pay interest on the amount owed thereunder from the date of wrongful dishonor or other appropriate date.
(5) Reasonable attorney’s fees and other expenses of litigation must be awarded to the prevailing party in an action in which a remedy is sought under this chapter.
(6) Damages that would otherwise be payable by a party for breach of an obligation under this chapter may be liquidated by agreement or undertaking, but only in an amount or by a formula that is reasonable in light of the harm anticipated.
History.s. 1, ch. 65-254; s. 1, ch. 99-137.
Note.s. 5-111, U.C.C.; supersedes s. 675.32.

F.S. 675.111 on Google Scholar

F.S. 675.111 on Casetext

Amendments to 675.111


Arrestable Offenses / Crimes under Fla. Stat. 675.111
Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 675.111.



Annotations, Discussions, Cases:

Cases Citing Statute 675.111

Total Results: 1

Banco Lavra, S.A. v. Cargil International

Court: Fla. Dist. Ct. App. | Date Filed: 1998-10-21T00:00:00-07:00

Citation: 732 So. 2d 1086, 37 U.C.C. Rep. Serv. 2d (West) 145, 1998 Fla. App. LEXIS 13467

Snippet: beneficiary for breach of warranty, pursuant to section 675.111(1), Florida Statutes (1997). We affirm. Banco Lavra…court properly dismissed the complaint. Section 675.111(1), Florida Statutes (1997), provides that: Unless…871 So.2d 545, 548 (Fla. 3d DCA 1979)). Section 675.111(1) does not create a cause of action for the issuing…action for breach of warranty lies under section 675.111. The other claims raised in the complaint derive…claim for relief. AFFIRMED. . By enacting section 675.111, Florida adopted U.C.C. § 5-111. . The revised