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: 9 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 9 months ago
Bill Attorney
Category: Legal
Satisfied Customers: 2,043
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?
Ask Bill Attorney Your Own Question
Bill Attorney
Bill Attorney
Bill Attorney, Lawyer
Category: Legal
Satisfied Customers: 2,043
2,043 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:

Tina

Tina

Lawyer

8,775 satisfied customers

JD, BBA Over 25 years legal and business experience.

Ely

Ely

Counselor at Law

24,353 satisfied customers

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

INFOLAWYER

INFOLAWYER

Attorney

20,727 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

42,358 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 J. Senmartin, Esq.

Guillermo J. Senmartin, Esq.

Attorney

292 satisfied customers

7+ years of experience handling various legal matters.

< Previous | Next >

Related Legal Questions
As the beneficiary of an irrevocable trust, and husband, but
As the beneficiary of an irrevocable trust, and husband, but not the trustee, am I responsible for any expenses associated with the real property? … read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
1,170 satisfied customers
In California if a beneficiary predeceases the will maker,
In California if a beneficiary predeceases the will maker, does the share of the intended beneficiary who dies without a Will pass to his heirs at law or does the gift lapse?… read more
LegalKnowledge
LegalKnowledge
Juris Doctor
29,402 satisfied customers
Auto title question: I'm buying a used car, the title is in
auto title question: I'm buying a used car, the title is in the seller's alias name, the seller's son is signing as POA, the POA is for the seller's legal name. Will DMV accept this POA?… read more
P. Simmons
P. Simmons
Attorney
Doctoral Degree
36,238 satisfied customers
I am the beneficiary of a life insurance payout and the
i am the beneficiary of a life insurance payout and the company is contesting the claim The policy was inforce for 4 years. I live in Florida and the insurance company is new york life. They falgged m… read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
36,676 satisfied customers
Is a parent allowed to transfer title of their home to a
Is a parent allowed to transfer title of their home to a child prior to admission to a nursing home? If so what is the time line requirements? Mom has provision that the home goes to me in her will. P… read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
531 satisfied customers
My son is listed as beneficiary on everything (which is very
My son is listed as beneficiary on everything (which is very minimal) but he has a huge school loan debt (over $200,000). If I die will everything go directly to the federal government instead of him?… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
Is possible it to change the title of a house owned by a
Is possible it to change the title of a house owned by a deceased person without going through probate?There is still a mortgage owed on the house which is in New York and the deceased only had two su… read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
36,676 satisfied customers
What recourse does a beneficiary of a will have when the
What recourse does a beneficiary of a will have when the executor does not pay the mentioned beneficiary in the will? … read more
Ray
Ray
Lawyer
Doctoral Degree
32,146 satisfied customers
Need to add beneficiaries to deed of my deceased mother's
need to add beneficiaries to deed of my deceased mother's house, house left to three daughters and one daughter has also passed away after my mom but not before we changed the deed. what do I need to … read more
KimberlyLaw
KimberlyLaw
Principal Attorney
Master\u0027s Degree
3,905 satisfied customers
My daughter is beneficiary for a fraudulent life insurance
my daughter is beneficiary for a fraudulent life insurance application does she has to submit a claim form if she dont want to … read more
Olivia Kent
Olivia Kent
Managing Partner
Doctoral Degree
2,871 satisfied customers
If a house is in probate that has several beneficiaries and
If a house is in probate that has several beneficiaries and the executor has the power to sell the property, can it be done without the other beneficiaries signatures … read more
LegalGems
LegalGems
Juris Doctorate
11,587 satisfied customers
In NC are beneficiaries entitled to see a copy of the estate
In NC are beneficiaries entitled to see a copy of the estate trust after the grantor is deceased. If so how is a copy of the trust obtained? … read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
36,676 satisfied customers
Understanding wavier of Bond by Heir or Beneficiary form by
Understanding wavier of Bond by Heir or Beneficiary form by signing this document what rights consequences to me of waving Bond. … read more
Damien Bosco
Damien Bosco
4,188 satisfied customers
I'm from Wisconsin and today I signed a contract with title
Hi,I'm from Wisconsin and today I signed a contract with title company to buy land and a cabin,,closing date is this friday,,my wife and I signed early cause she had a day off work,,my question is, ca… read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
36,676 satisfied customers
Lost title owener died how do I get and transfer title.
lost title owener died how do I get and transfer title … read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,716 satisfied customers
Is it required for a beneficiary to request an accounting in
Is it required for a beneficiary to request an accounting in writing? … read more
Ely
Ely
Counselor at Law
Juris Doctor
24,353 satisfied customers
Does a beneficiary of trust request an accounting of the
Does a beneficiary of trust request an accounting of the fund-also request the names of the other beneficieries? … read more
KLAW
KLAW
Juris Doctorate
2,048 satisfied customers
Who presents the reading of the will to the beneficiaries
Who presents the reading of the will to the beneficiaries and is it done in the presence of all the beneficiaries?… read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
36,676 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