§ 34.1-5-107 — Confirmer, nominated person, and adviser

(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.