Legal

Ask a lawyer and get answers to your legal questions

Ask a Lawyer,
Get an Answer ASAP!

WHAT PLACE ON INTERNET TO LEARN WHAT TO DO WHEN I GET A

Customer Question
WHAT PLACE ON INTERNET...

WHAT PLACE ON INTERNET TO LEARN WHAT TO DO WHEN I GET A LETTER OF CREDIT. IT IS FROM A PENSION FUND AND COMPENSATION FROM EARLIER CONTRACT

Lawyer's Assistant: What state is this in? And when did the issue begin?

NJ MAY 2017

Lawyer's Assistant: Has anything been filed or reported?

NO

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I AM EXPECTING THE LOC SOON AND IT IS IRREVOCABLE

Submitted: 11 months ago.Category: Legal
Show More
Show Less
Ask Your Own Legal Question
Answered in 53 minutes by:
7/29/2017
Lawyer: Bill Attorney, Lawyer replied 11 months ago
Bill Attorney
Category: Legal
Satisfied Customers: 2,640
Experience: Attorney
Verified

This is attorney Bill offering assistance.

The letter of credit will specify its terms of use/ limitations and expiry date.

You can present the letter as a guarantee of payment by the issuer of the letter of credit.

The standardized form of a letter of credit is codified in NJ statute:.

Here it is for your reference:

"

5:36-4.3 Irrevocable standby letter of credit (performance) The standardized form for a letter of credit (performance) required by an approving authority pursuant to section 41 of P.L. 1975, c.291 (N.J.S.A. 40:55D-53) shall be as follows: Current through April 16, 2008 N.J.A.C. 5:36-4 Standardized Forms for Performance Guarantees Block(s) ___________________________ Lot(s) __________________________ IRREVOCABLE STANDBY LETTER OF CREDIT (PERFORMANCE) Issued by: Name of Banking Institution: ________________________________________________ Address: ________________________________________________________________ City/State/ZIP: __________________________________________________________ Telephone: _________________________ Fax: _______________________________ Issue date: _______________________________________________________________ Expiration date and time: ___________________________________________________ Letter of Credit Number ____________________________________________________ Beneficiary: Name: __________________________________________________________________ Address: ________________________________________________________________ City/State/ZIP: __________________________________________________________ Telephone: _________________________ Fax: _______________________________ Applicant: Name: __________________________________________________________________ Address: ________________________________________________________________ City/State/ZIP: ___________________________________________________________ Telephone: __________________________ Fax: _______________________________ Amount: ________________________________________Dollars($__________) Not to exceed 120 percent of the cost of the improvements, as certified by the municipal engineer) Current through April 16, 2008 N.J.A.C. 5:36-4 Standardized Forms for Performance Guarantees We hereby issue our irrevocable standby letter of credit in your favor, which is available by your draft at sight bearing our letter of credit number _______ on _______ (name of banking institution). Your draft must be presented at the office indicated above by personal delivery or by registered or certified mail or courier and must be accompanied by (1) the original standby letter of credit and any subsequent original amendments and (2) an original statement purportedly signed by the municipal engineer of _______ (name of the municipality) stating: "The amount of this drawing under Irrevocable Standby Letter of Credit No. _______, issued _______ by _______ (name of banking institution), represents the amount due us as a result of the failure of _______ (name of applicant) to complete, in whole or in part, the required site improvements as detailed in the municipal resolution of approval and in that certain Engineer's Estimate entitled "_______" prepared by _______ and dated _______. I hereby certify that notice of the incompletions upon which this drawing is based was given to the applicant by registered or certified mail or by courier on _______ (date at least 30 days prior to the date of the municipal engineer's statement)." This certification shall be accompanied by a resolution of the municipal governing body endorsing the findings of the engineer and stating that the improvements have not been approved or accepted. This letter of credit shall be deemed to be automatically extended annually for periods of one year unless written notice is given by the banking institution by registered or certified mail or by courier to the applicant and the municipality at least 60 days prior to the thencurrent expiration date. In the event of the failure of the applicant to furnish another letter of credit meeting the requirements of N.J.S.A. 40:55D-53.5 and N.J.A.C. 5:39-1.3, or other acceptable security, at least 30 days prior to the expiration date of this letter of credit, the municipality may, to the extent allowed by law, draw upon this letter of credit to pay the cost of any incompletions. This letter of credit shall expire upon approval or acceptance by resolution of the municipal governing body of all improvements cited in the aforesaid Engineer's Estimate or upon replacement of this letter of credit by other security meeting applicable legal requirements. Upon approval or acceptance of some, but not all, of said improvements, a reduction in the amount of this letter of credit shall be granted in accordance with N.J.S.A. 40:55D-53, provided that the remaining amount shall be sufficient to secure provision of the improvements not yet approved and that the municipality may require that the remaining amount be 30 percent of the original amount. All correspondence to the banking institution concerning this letter of credit shall be addressed to the office indicated above. This letter of credit shall inure to the benefit of the beneficiary municipality only and no other party shall acquire any rights hereunder. Current through April 16, 2008 N.J.A.C. 5:36-4 Standardized Forms for Performance Guarantees This letter of credit is subject to. (Note: Either shall be acceptable.) We hereby agree with you that drawings under and in compliance with the terms of this letter of credit shall be duly honored upon presentation to us. Witness/Attest: _____________________________________________ (Authorized signature and title)

"

We are here to help.

Please follow up where required.

In return remember to rate positively.

This is how I get a credit for my time and assistance.

You do this by rating 5*****, 4****, or better

SO I hope you rate FIVE STARS today before exiting.

Thanks

Attorney Bill

Ask Your Own Legal Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Bill Attorney Your Own Question
Bill Attorney
Bill Attorney
Bill Attorney, Lawyer
Category: Legal
Satisfied Customers: 2,640
2,640 Satisfied Customers
Experience: Attorney

Bill Attorney is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it.

LeeMichigan

< Previous | Next >

Meet the Experts:

Ely

Ely

Counselor at Law

24,657 satisfied customers

Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

INFOLAWYER

INFOLAWYER

Attorney

22,408 satisfied customers

Licensed attorney helping individuals and businesses

JPEsq

JPEsq

Attorney

2,132 satisfied customers

Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor

Law Educator, Esq.

Law Educator, Esq.

Attorney

44,066 satisfied customers

JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Ellen

Ellen

Lawyer, Consultant

8,238 satisfied customers

25 years of experience helping people like you.

Guillermo Senmartin

Guillermo Senmartin

Lawyer

300 satisfied customers

Principal Attorney at Guillermo J. Senmartin, P.A.

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

17,183 satisfied customers

Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.

< Previous | Next >

Related Legal Questions
My husband opened a home equity LOC through PNC, at the time
My husband opened a home equity LOC through PNC, at the time he had injured his back but wouldn't see a doctor. I had surgery and was on pain meds, he started to self medicate the LOC was opened while… read more
LegalGems
LegalGems
Juris Doctorate
12,601 satisfied customers
My attorney will not release to me monthly options money due
My attorney will not release to me monthly options money due me from the buyer of my property, which the buyer has put into his escrow account. The buyer owes me these monthly options money pursuant t… read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
86 satisfied customers
I have been working on a real estate transaction with a
I have been working on a real estate transaction with a couple colleagues for several months. We have a signed Non Disclosure and fee agreement. Per the fee agreement, when the transaction closes we w… read more
LawyerDavid
LawyerDavid
Vice President & General Counsel
Juris Doctor
404 satisfied customers
If I'm legally separated for 17 years and am collecting 1/2
If I'm legally separated for 17 years and am collecting 1/2 my husband's pension now, still, do I still receive it when he dies … read more
LawTalk
LawTalk
Attorney at Law
Juris Doctor
3,071 satisfied customers
I have been with an NGO that has recently encountrered
Hello, I have been with an NGO that has recently encountrered financial difficulties, the first 6 years as an employee, the last two as a contractor handing in monthly invoices. My contract does not h… read more
Ben Jones
Ben Jones
Solicitor
Legal Practice Course
18,857 satisfied customers
I was off from my previous employer 12/16/2013 UC, Irvine. I
I was laid off from my previous employer 12/16/2013 UC, Irvine. I had 120 days to take my retirement or lose my health care benefits for ever. I return to worked from 1/5/2015 to 9/16/2016 have worked… read more
LawTalk
LawTalk
Attorney at Law
Juris Doctor
3,071 satisfied customers
Are monthly widows pensions different form Dead husbands SS.
are monthly widows pensions different form Dead husbands SS … read more
Ray
Ray
Lawyer
Doctoral Degree
33,407 satisfied customers
I was informed that I may need to appear in front of judge
I was informed that I may need to appear in front of judge with a civil suit to be removed from responsibility for being a cosigner on this LOC. The LOC was originally $50 000. Now it down to $35 000.… read more
Andrea, Esq.
Andrea, Esq.
Attorney
Post-Doctoral Degree
10,512 satisfied customers
I am applying for Line of Credit (LOC) to Wells Fargo. We
I am applying for Line of Credit (LOC) to Wells Fargo. We have a large tax bill that we are paying down (3/4 paid already) and I disclosed this to a processor that I was working with on a Home Equity … read more
Dwayne B.
Dwayne B.
Juris Doctor
28,766 satisfied customers
Group health insurance, reconstructive surgery following
Group health insurance, reconstructive surgery following breast cancer and patient gets stuck paying $3,564.41. I protested this with my insurance company through Grievances and Appeals. They replied … read more
Dimitry K., Esq.
Dimitry K., Esq.
Attorney
Doctoral Degree
17,183 satisfied customers
I live in New Jersey and purchased a hot air balloon form a
I live in New Jersey and purchased a hot air balloon form a party in Michigan pre paid $3250.00 and paid a shipper to deliver it to me in New Jersey. The balloon was not as described and is worthless.… read more
JB Umphrey
JB Umphrey
Attorney & Counselor
Juris Doctor
109 satisfied customers
I opened an IRA base account plan, that could include Roth
I opened an IRA base account plan, that could include Roth and Traditional cds with different account numbers in it. At that time, I deposited a check to start an IRA cd. A few months later, I had the… read more
MShore Law
MShore Law
Doctoral Degree
1,233 satisfied customers
DEAR ATTORNEY,MR DEMITRY KAPLUN, I AM ABOUT TO ESTABLISH AN
DEAR ATTORNEY,MR DEMITRY KAPLUN, I AM ABOUT TO ESTABLISH AN IRREVOCABLE TRUST. Q1)- WHAT IS THE BEST WAY TO FIND A REAL EXPERT ATTORNEY FOR THIS PURPOSE ? IN OTHER WORDS WHAT CRITERION ONE SHOULD LOOK… read more
Dimitry K., Esq.
Dimitry K., Esq.
Attorney
Doctoral Degree
17,183 satisfied customers
I am retired and on a pension from the state of NJ. I live
I am retired and on a pension from the state of NJ. I live in Missouri. My ex wife was getting a portion of my pension every month as part of our divorce. She died this past December (2009) and, altho… read more
INFOLAWYER
INFOLAWYER
Attorney
Doctoral Degree
22,408 satisfied customers
Would it hurt me later if I paid off bills in my name with
Would it hurt me later if I paid off bills in my name with funds from our line of credit?In fear that as soon as I mention the divorce he will cut me off financially.He has done it before & I am a sta… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,935 satisfied customers
My ex-husband wrote a five page letter about me on an Internet
My ex-husband wrote a five page letter about me on an Internet site that was full of lies insults and slander. It was a site for retired military people angry about their ex-spouses (whom are or were … read more
Nate
Nate
Managing Member
Juris Doctor
2,607 satisfied customers
I was employed by Lucent Technologies and had a ...
I was employed by Lucent Technologies and had a Pension fund, as well as a 401k. Lucent merged with Motorola, and I was transferred to Motorola due to the merger. Motorola did not continue my Lucent P… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
If my ex-spouse dies and i am the beneficiary of his ...
If my ex-spouse dies and is a resident of the state of new jersey i am the beneficiary of his pension and am not a resident of the state, do i pay taxes for both the state he is a resisdent of and the… read more
truthfinder
truthfinder
Educational Consultant
Vocational, Technical or Trade Scho
1,124 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x