554.5107 Confirmer, nominated person, and adviser. 1. 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 andobligations to the issuer as if the issuer were an applicant and the confirmer had issued theletter of credit at the request and for the account of the issuer. 2. A nominated person who is not a confirmer is not obligated to honor or otherwise give value for a presentation. 3. 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 accurately to advise the terms of the letter ofcredit, confirmation, amendment, or advice received by that person and undertakes to thebeneficiary to check the apparent authenticity of the request to advise. Even if the advice isinaccurate, the letter of credit, confirmation, or amendment is enforceable as issued. 4. 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 tion, or amendment is enforceable as issued. 4. 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 undersubsection 3. The terms in the notice to the transferee beneficiary may differ from the termsin 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. [C66, 71, 73, 75, 77, 79, 81, §554.5107]96 Acts, ch 1026, §6, 28 Sat Dec 23 01:57:38 2023 Iowa Code 2024, Section 554.5107 (24, 0)
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