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Can you summarize VACV 8.5A-107?
Uniform Commercial Code Letters of Credit > Confirmer, nominated person, and adviser
Short Summary
This legal document, part of the Code of Virginia, specifically deals with the Uniform Commercial Code (UCC) provisions related to Letters of Credit. It outlines the rights and obligations of different parties involved in letters of credit transactions. A confirmer, who directly obligates themselves on a letter of credit, assumes the rights and obligations of an issuer to the extent of their confirmation. A nominated person who is not a confirmer is not obligated to honor or provide value for a presentation. A person requested to advise may decline to act as an adviser, and an adviser who is not a confirmer is not obligated to honor or provide value for a presentation. However, an adviser undertakes to accurately advise the terms of the letter of credit and 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 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, as permitted by the letter of credit, confirmation, amendment, or advice received by the notifier.
Whom does it apply to?
Confirmer, nominated person, adviser
What does it govern?
Uniform Commercial Code Letters of Credit
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Virginia