Title 11, Chapter 5, Section 113
(1) A bank seeking to obtain (whether for itself or another) honor,
negotiation, or reimbursement under a credit may give an indemnity
to induce such honor, negotiation, or reimbursement.
(2) An indemnity agreement inducing honor, negotiation, or
(a) Unless otherwise explicitly agreed applies to defects in the
documents but not in the goods; and
(b) Unless a longer time is explicitly agreed expires at the end
of ten business days following receipt of the documents by the
ultimate customer unless notice of objection is sent before such
expiration date. The ultimate customer may send notice of
objection to the person from whom he received the documents and
any bank receiving such notice is under a duty to send notice to
its transferor before its midnight deadline.