The 2023 Florida Statutes (including Special Session C)

Title XXXIX
COMMERCIAL RELATIONS

Chapter 675
UNIFORM COMMERCIAL CODE: LETTERS OF CREDIT

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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 from cite.case.law:

DEPENDABLE COMPONENT SUPPLY, INC. v. CARREFOUR INFORMATIQUE TREMBLANT, INC. LLC, LC. d. b. a., 572 F. App'x 796 (11th Cir. 2014)

. . . Stat. § 675.111(5) (Supp.2013). . . . Stat. § 675.111 cmt. 6. . . . Although scant authority exists on this issue, courts have recognized the breadth of § 675.111(5) and . . . Although the few interpretations of § 675.111 to date appear to support a finding that separation of . . . Sept. 15, 2011) (asserting that § 675.111(5)'s grant of attorney’s fees and expenses whenever "a remedy . . .

IRREVOCABLE TRUST FOR RICHARD C. HVIZDAK, a C. a RCH I, LP, a v. HUNTINGTON NATIONAL BANK, Co., 515 F. App'x 792 (11th Cir. 2013)

. . . The district court then granted SDB’s motion for attorney’s fees pursuant to Florida Statute Section 675.111 . . . Stat. § 675.111(5). We disagree and affirm. . . . Stat. § 675.111(5), and that SDB was therefore entitled to attorney’s fees as the prevailing party therein . . .

JAFFE, v. BANK OF AMERICA CORPORATION, N. A., 399 F. App'x 535 (11th Cir. 2010)

. . . . § 675.111. After review, we affirm the district court’s thorough and well-reasoned order. I. . . . Stat. § 675.111(5). . . . Stat. § 675.111(5), reasonable attorneys’ fees and the expenses of litigation must be awarded to BOA, . . . Stat. § 675.111(5). AFFIRMED. . . . . Stat. § 675.111 would be limited to their claim for injunctive relief. . . .

JAFFE, v. BANK OF AMERICA, N. A., 674 F. Supp. 2d 1360 (S.D. Fla. 2009)

. . . As to the first source, the Florida UCC, under Florida Statute § 675.111(5), provides: “Reasonable attorney . . . Stat. § 675.111(5), cmt. 6. . . . However, BoA claims that it is also entitled to litigation expenses pursuant to Florida Statute 675.111 . . .

BANCO LAVRA, S. A. v. CARGIL INTERNATIONAL,, 732 So. 2d 1086 (Fla. Dist. Ct. App. 1998)

. . . essence of the complaint is an action against the beneficiary for breach of warranty, pursuant to section 675.111 . . . Section 675.111(1), Florida Statutes (1997), provides that: Unless otherwise agreed the beneficiary by . . . Section 675.111(1) does not create a cause of action for the issuing bank against the beneficiary of . . . No action for breach of warranty lies under section 675.111. . . . By enacting section 675.111, Florida adopted U.C.C. § 5-111. . . . .