47-5107. Confirmer; nominated person
A. A confirmer is directly obligated on a letter of credit and has the rights and
obligations of an issuer to the extent of its confirmation. The confirmer also has
rights against and obligations to the issuer as if the issuer were an applicant and the
confirmer had issued the letter of credit at the request and for the account of the
issuer.
B. A nominated person who is not a confirmer is not obligated to honor or otherwise
give value for a presentation.
C. A person requested to advise may decline to act as an adviser. An adviser that
is not a confirmer is not obligated to honor or give value for a presentation. An
adviser undertakes to the issuer and to the beneficiary to accurately advise the terms of
the letter of credit, confirmation, amendment or advice received by that person and
undertakes to the beneficiary to check the apparent authenticity of the request to
advise. Even if the advice is inaccurate, the letter of credit, confirmation or
amendment is enforceable as issued.
D. A person who notifies a transferee beneficiary of the terms of a letter of
credit, confirmation, amendment or advice has the rights and obligations of an adviser
under subsection C. The terms in the notice to the transferee beneficiary may differ
from the terms in any notice to the transferor beneficiary to the extent permitted by the
letter of credit, confirmation, amendment or advice received by the person who so
notifies.
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