§5005. Indemnity — Inbound Citations
12 U.S.C. § 5005
Cited by 5 provisions in release 119-102.
Citations to 12 U.S.C. § 5005 as a whole
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(11) The term “indemnifying bank” means a bank that is providing an indemnity under section 5005 of this title with respect to a substitute check.
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(g) Providing a recredit in accordance with this section shall not absolve the bank from liability for a claim made under any other law, such as a claim for wrongful dishonor under the Uniform Commercial Code, or from liability for additional damages under section 5005 or 5009 of this title.
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(2) Providing a recredit under this subsection to a claimant bank with respect to a substitute check shall not absolve the indemnifying bank from liability for claims brought under any other law or from additional damages under section 5005 or 5009 of this title with respect to such check.
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(1) Except as provided in section 5005 of this title, any person who, in connection with a substitute check, breaches any warranty under this chapter or fails to comply with any requirement imposed by, or regulation prescribed pursuant to, this chapter with respect to any other person shall be liable to such person in an amount equal to the sum of—(A) the lesser of—(i) the amount of the loss suffered by the other person as a result of the breach or failure; or(ii) the amount of the substitute check; and(B) interest and expenses (including costs and reasonable attorney’s fees and other expenses of representation) related to the substitute check.
Citations to §5005(d)
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(d) If the indemnifying bank provides the claimant bank with the original check or a copy of the original check (including an image or a substitute check) under subsection (c)(1)(A), section 5005(d) of this title shall govern any right of the indemnifying bank to any repayment of any funds the indemnifying bank has recredited to the claimant bank pursuant to subsection (c).