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the issuer of a letter of credit: (check all that apply) is obligated to honor drafts drawn under the letter if the conditions specified in

the issuer of a letter of credit: (check all that apply)

  1. is obligated to honor drafts drawn under the letter if the conditions specified in the letter have been met
  2. has no duty to verify that the papers are properly supported by facts
  3. has no duty to verify that the underlying transaction has been performed
  4. must be a foreign bank

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