Vermont § 107 - § 5—107.
Full text of Vermont Vermont Statutes Online § 107 — § 5—107., with citation guidance and answers to common questions.
§ 107. § 5—107.
- Confirmer, nominated person, and adviser (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. (Added 1997, No. 65 (Adj. Sess.), § 1, eff. Jan. 1, 1999.)
Frequently Asked Questions About Vermont § 107
What does Vermont Statutes Online § 107 cover?
Section 107 ("§ 5—107.") is part of the Vermont Statutes Online, the codified statutory law of Vermont. 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 Vermont § 107?
A common citation format is "Vermont Statutes Online § 107" (Vermont). 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 Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 107 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont 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 Vermont.