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Georgia State Code
Title      11
Chapter       5  
Section Navigation      101 ... 110       111 ... 118     
Section101 102 103 104 105 106 107 108 109 110 >>>  
Title 11, Chapter 5, Section 107 (11-5-107)
Advice of credit; confirmation; error in statement of terms.

(1) Unless otherwise specified an advising bank by advising a credit issued by another bank does not assume any obligation to honor drafts drawn or demands for payment made under the credit but it does assume obligation for the accuracy of its own statement.

(2) A confirming bank by confirming a credit becomes directly obligated on the credit to the extent of its confirmation as though it were its issuer and acquires the rights of an issuer.

(3) Even though an advising bank incorrectly advises the terms of a credit it has been authorized to advise the credit is established as against the issuer to the extent of its original terms.

(4) Unless otherwise specified the customer bears as against the issuer all risks of transmission and reasonable translation or interpretation of any message relating to a credit.

Defined terms referenced in this section:
Sunday May 24 16:32 EDT


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