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Can you summarize NVRS 104.5107?
Uniform Commercial CodeOriginal Articles > Confirmer, nominated person and adviser.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the roles 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 rights and obligations of an issuer to the extent of its confirmation. A nominated person who is not a confirmer is not obligated to honor or otherwise give value for 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, confirmation, amendment, or advice received and to check the apparent authenticity of the request to advise. If the advice is inaccurate, the letter of credit, confirmation, or amendment is still enforceable as issued. Additionally, 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. 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 received letter of credit, confirmation, amendment, or advice.
Whom does it apply to?
Confirmer, nominated person, adviser
What does it govern?
Letter of credit, confirmation, amendment or advice
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada