- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 5. Letters of Credit
- Section 107. Confirmer, Nominated Person, and Adviser.
previous: Section 106
. Issuance, Amendment, Cancellation, and Duration.
next: Section 108
. Issuer's Rights and Obligations.
AS 45.05.107. 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 the confirmer's 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 to advise accurately
as to the terms of the letter of credit, confirmation, amendment, or advice received by the person requested to advise,
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 (c) of this section. The terms in the notice to the transferee
beneficiary may differ from the terms in a notice to the transferor beneficiary to the extent permitted by the letter
of credit, confirmation, amendment, or advice received by the person who notifies the transferee beneficiary.
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