208

LAWS OF MARYLAND

[Ch. 49

(e)    An "advising bank" is a bank which gives
notification of the issuance of a credit by another bank.

(f)   A "confirming bank" is a bank which
engages either that it will itself honor a credit already
issued by another bank or that such a credit will be
honored by the issuer or a third bank.

(g)   A "customer" is a buyer or other person
who causes an issuer to issue a credit. The term also
includes a bank which procures issuance or confirmation
on behalf of that bank's customer.

(2)    Other definitions applying to this [subtitle]
TITLE and the sections in which they appear are:

"Notation credit." § 5-108.
"Presenter." § 5-112 (3).

(3)    Definitions in other [subtitles) TITLES
applying to this [subtitle] TITLE and the sections in
which they appear are:

"Accept" or "acceptance." § 3—410.
"Contract for sale." § 2—106.
"Draft." § 3-104.
"Holder in due course." § 3—302.
"Midnight deadline." § 4-104.
"Security." § 8—102.

(4)    In addition, [subtitle] TITLE 1 contains
general definitions and principles of construction and
interpretation applicable throughout this [subtitle]
TITLE.

5—104. Formal requirements; signing.

(1)    Except as otherwise required in subsection (1)
(c) of § 5—102 on scope, no particular form of phrasing
is required for a credit. A credit must be in writing
and signed by the issuer and a confirmation must be in
writing and signed by the confirming bank. A
modification of the terms of a credit or confirmation
must be signed by the issuer or confirming bank.

(2)    A telegram may be a sufficient signed writing
if it identifies its sender by an authorized
authentication. The authentication may be in code and
the authorized naming of the issuer in and advice of
credit is a sufficient signing.

5—105. Consideration.

No consideration is necessary to establish a credit