12-U.S.C.-5009
§5009 – Measure of Damages
Pathway
Title 12 > Chapter 50 > Section 5009
Details
- Reference: Section 5009
- Legend: §5009 – Measure of Damages
- USCode Year: 2013
Provision Content
(a) Liability
(1) In general
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 attorneys fees and other expenses of representation) related to the substitute check.
(2) Offset of recredits
The amount of damages any person receives under paragraph (1), if any, shall be reduced by the amount, if any, that the claimant receives and retains as a recredit under section 5006 or 5007 of this title.
(b) Comparative negligence
(1) In general
If a person incurs damages that resulted in whole or in part from the negligence or failure of that person to act in good faith, then the amount of any liability due to that person under subsection (a) shall be reduced in proportion to the amount of negligence or bad faith attributable to that person.
(2) Rule of construction
Nothing in this subsection reduces the rights of a consumer or any other person under the Uniform Commercial Code or other applicable provision of Federal or State law.
(Pub. L. 108–100, §10, Oct. 28, 2003, 117 Stat. 1188.)
References in Text
This chapter, referred to in subsec. (a)(1), was in the original this Act, meaning Pub. L. 108–100, Oct. 28, 2003, 117 Stat. 1177, which is classified generally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 5001 of this title and Tables.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-5008 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-5008, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
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