N.Y. Uniform Commercial Code Law § 5-107: 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.