12 USC 5009 - Measure of damages

U.S Code last checked for updates: Nov 22, 2024

§ 5009.

Measure of damages

(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 attorney’s fees and other expenses of representation) related to the substitute check.

(2)

Offset of recredits

(b)

Comparative negligence

(1)

In general

(2)

Rule of construction

(Pub. L. 108–100, § 10, Oct. 28, 2003, 117 Stat. 1188.)

cite as: 12 USC 5009