{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-5-111","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-5-111","heading":"Remedies","body":"Remedies.\n\n(a) If an issuer wrongfully dishonors or repudiates its\n\nobligation to pay money under a letter of credit before\n\npresentation, the beneficiary, successor, or nominated person\n\npresenting on its own behalf may recover from the issuer the amount\n\nthat is the subject of the dishonor or repudiation. If the issuer's\n\nobligation under the letter of credit is not for the payment of\n\nmoney, the claimant may obtain specific performance or, at the\n\nclaimant's election, recover an amount equal to the value of\n\nperformance from the issuer. In either case, the claimant may also\n\nrecover incidental but not consequential damages. The claimant is\n\nnot obligated to take action to avoid damages that might be due from\n\nthe issuer under this subsection. If, although not obligated to do\n\nso, the claimant avoids damages, the claimant's recovery from the\n\nissuer must be reduced by the amount of damages avoided. The issuer\n\nhas the burden of proving the amount of damages avoided. In the\n\ncase of repudiation the claimant need not present any document.\n\n(b) If an issuer wrongfully dishonors a draft or demand\n\npresented under a letter of credit or honors a draft or demand in\n\nbreach of its obligation to the applicant, the applicant may recover\n\ndamages resulting from the breach, including incidental but not\n\nconsequential damages, less any amount saved as a result of the\n\nbreach.\n\n(c) If an adviser or nominated person other than a confirmer\n\nbreaches an obligation under this article or an issuer breaches an\n\nobligation not covered in subsection (a) or (b) of this section, a\n\nperson to whom the obligation is owed may recover damages resulting\n\nfrom the breach, including incidental but not consequential damages,\n\nless any amount saved as a result of the breach. To the extent of\n\nthe confirmation, a confirmer has the liability of an issuer\n\nspecified in this subsection and subsections (a) and (b) of this\n\nsection.\n\n(d) An issuer, nominated person, or adviser who is found liable\n\nunder subsection (a), (b), or (c) of this section shall pay interest\n\non the amount owed thereunder from the date of wrongful dishonor or\n\nother appropriate date.\n\n(e) Reasonable attorney's fees and other expenses of litigation\n\nmust be awarded to the prevailing party in an action in which a\n\nremedy is sought under this article.\n\n(f) Damages that would otherwise be payable by a party for\n\nbreach of an obligation under this article may be liquidated by\n\nagreement or undertaking, but only in an amount or by a formula that\n\nis reasonable in light of the harm anticipated.","path":["OK Code","Title 12A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"d22af6b9262aa85c844fc7903c81b760e8a9d7eaadbd9f9d29709e380b8ed46e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-5-110","next":"us-ok/okla.-stat.-tit.-12a-12a-5-112"},"notice":"GroundRules: Original legal text. Not legal advice."}