2006 New York Code - Confirmer, Nominated Person, And Advisor.



 
  Section 5--107. Confirmer, nominated person, and advisor.
    (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 accurately to 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)  of  this  section.  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.

Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.