§ 8.5A-107. Confirmer, nominated person, and adviser.
(a) A confirmer is directly obligated on a letter of credit and has therights and obligations of an issuer to the extent of its confirmation. Theconfirmer also has rights against and obligations to the issuer as if theissuer were an applicant and the confirmer had issued the letter of credit atthe request and for the account of the issuer.
(b) A nominated person who is not a confirmer is not obligated to honor orotherwise give value for a presentation.
(c) A person requested to advise may decline to act as an adviser. An adviserthat is not a confirmer is not obligated to honor or give value for apresentation. An adviser undertakes to the issuer and to the beneficiaryaccurately to advise the terms of the letter of credit, confirmation,amendment, or advice received by that person and undertakes to thebeneficiary to check the apparent authenticity of the request to advise. Evenif the advice is inaccurate, the letter of credit, confirmation, or amendmentis enforceable as issued.
(d) A person who notifies a transferee beneficiary of the terms of a letterof credit, confirmation, amendment, or advice has the rights and obligationsof an adviser under subsection (c). The terms in the notice to the transfereebeneficiary may differ from the terms in any notice to the transferorbeneficiary to the extent permitted by the letter of credit, confirmation,amendment, or advice received by the person who so notifies.
§ 8.5A-107. Confirmer, nominated person, and adviser.
(a) A confirmer is directly obligated on a letter of credit and has therights and obligations of an issuer to the extent of its confirmation. Theconfirmer also has rights against and obligations to the issuer as if theissuer were an applicant and the confirmer had issued the letter of credit atthe request and for the account of the issuer.
(b) A nominated person who is not a confirmer is not obligated to honor orotherwise give value for a presentation.
(c) A person requested to advise may decline to act as an adviser. An adviserthat is not a confirmer is not obligated to honor or give value for apresentation. An adviser undertakes to the issuer and to the beneficiaryaccurately to advise the terms of the letter of credit, confirmation,amendment, or advice received by that person and undertakes to thebeneficiary to check the apparent authenticity of the request to advise. Evenif the advice is inaccurate, the letter of credit, confirmation, or amendmentis enforceable as issued.
(d) A person who notifies a transferee beneficiary of the terms of a letterof credit, confirmation, amendment, or advice has the rights and obligationsof an adviser under subsection (c). The terms in the notice to the transfereebeneficiary may differ from the terms in any notice to the transferorbeneficiary to the extent permitted by the letter of credit, confirmation,amendment, or advice received by the person who so notifies.
§ 8.5A-107. Confirmer, nominated person, and adviser.
(a) A confirmer is directly obligated on a letter of credit and has therights and obligations of an issuer to the extent of its confirmation. Theconfirmer also has rights against and obligations to the issuer as if theissuer were an applicant and the confirmer had issued the letter of credit atthe request and for the account of the issuer.
(b) A nominated person who is not a confirmer is not obligated to honor orotherwise give value for a presentation.
(c) A person requested to advise may decline to act as an adviser. An adviserthat is not a confirmer is not obligated to honor or give value for apresentation. An adviser undertakes to the issuer and to the beneficiaryaccurately to advise the terms of the letter of credit, confirmation,amendment, or advice received by that person and undertakes to thebeneficiary to check the apparent authenticity of the request to advise. Evenif the advice is inaccurate, the letter of credit, confirmation, or amendmentis enforceable as issued.
(d) A person who notifies a transferee beneficiary of the terms of a letterof credit, confirmation, amendment, or advice has the rights and obligationsof an adviser under subsection (c). The terms in the notice to the transfereebeneficiary may differ from the terms in any notice to the transferorbeneficiary to the extent permitted by the letter of credit, confirmation,amendment, or advice received by the person who so notifies.
