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Can you summarize NHRS 382-A:5-107?
UNIFORM COMMERCIAL CODE > Confirmer, Nominated Person, and Adviser.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the rights and obligations of a confirmer, nominated person, and adviser in relation to letters of credit. A confirmer is directly obligated on a letter of credit and has the same rights and obligations as an issuer. A nominated person who is not a confirmer is not obligated to honor a presentation. A person requested to advise may decline to act as an adviser. An adviser undertakes to accurately advise the terms of the letter of credit and check the authenticity of the request. If the advice is inaccurate, the letter of credit is still enforceable. A person who notifies a transferee beneficiary of the terms of a letter of credit has the rights and obligations of an adviser. The terms in the notice to the transferee beneficiary may differ from the terms in any notice to the transferor beneficiary. This document does not mention any specific exemptions or penalties.
Whom does it apply to?
Confirmer, nominated person, adviser, issuer, applicant, and beneficiary in the context of letters of credit
What does it govern?
Rights and obligations of a confirmer, nominated person, and adviser in relation to letters of credit
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire