New York Laws
Article 5 - Letters of Credit
5-110 - Warranties.

(a) If its presentation is honored, the beneficiary warrants:
(1) To the issuer, any other person to whom presentation is made,
and the applicant that there is no fraud or forgery of the
kind described in subsection (a) of section 5--109; and
(2) To the applicant that the drawing does not violate any
agreement between the applicant and beneficiary or any other
agreement intended by them to be augmented by the letter of
credit.
(b) The warranties in subsection (a) of this section are in addition
to warranties arising under articles 3, 4, 7 and 8 because of the
presentation or transfer of documents covered by any of those articles.

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