New York Laws
Article 5 - Letters of Credit
5-107 - Confirmer, Nominated Person, and Advisor.

(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.