Oregon Revised Statutes Chapter 75 § 75.1080 — Issuer’s

Issuer’s rights and obligations. (1) Except as provided in ORS 75.1090, an issuer shall honor a presentation that, as determined by the standard practice referred to in subsection (5) of this section, appears on its face strictly to comply with the terms and conditions of the letter of credit. Except as provided in ORS 75.1130 and unless otherwise agreed with the applicant, an issuer shall dishonor a presentation that does not appear to comply with the terms and conditions of the letter of credit. (2) An issuer has a reasonable time after presentation, but not later than the seventh business day after the issuer receives the documents: (a) To honor; (b) If the letter of credit provides for honor to be completed more than seven business days after presentation, to accept a draft or incur a deferred obligation; or (c) To give notice to the presenter of discrepancies in the presentation. (3) Except as otherwise provided in subsection (4) of this section, an issuer is precluded from asserting as a basis for dishonor: (a) Any discrepancy if timely notice is not given; or (b) Any discrepancy not stated in the notice if timely notice is given. (4) Failure to give the notice specified in subsection (2) of this section or to mention fraud, forgery or expiration in the notice does not preclude the issuer from asserting, as a basis for dishonor, fraud or forgery as described in ORS