New Jersey § 12a:5-107
Full text of New Jersey New Jersey Statutes § 12a:5-107, with citation guidance and answers to common questions.
§ 12a:5-107.
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 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.
Frequently Asked Questions About New Jersey § 12a:5-107
What does New Jersey Statutes § 12a:5-107 cover?
Section 12a:5-107 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 12a:5-107?
A common citation format is "New Jersey Statutes § 12a:5-107" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 12a:5-107 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.