2010 Pennsylvania Code
Title 13 - COMMERCIAL CODE
Chapter 51 - Letters of Credit
5107 - Confirmer, nominated person and advisor.

     § 5107.  Confirmer, nominated person and adviser.
        (a)  Rights and obligations of a confirmer.--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)  Nominated person.--A nominated person who is not a
     confirmer is not obligated to honor or otherwise give value for
     a presentation.
        (c)  Advisers.--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)  Notice to transferee beneficiary.--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.

        Special Provisions in Appendix.  See section 28 of Act 18 of
     2001 in the appendix to this title for special provisions
     relating to applicability of transitional provisions.
        Cross References.  Section 5107 is referred to in section
     9700 of this title.