Okla. Stat. tit. 12A, § 12A-5-107
This is the official text of Okla. Stat. tit. 12A, § 12A-5-107, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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Confirmer, Nominated Person, and Adviser
Official statutory text
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
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 385
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.
(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
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 385
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.
Status: in_force · Read it on the official government site
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