(b) An issuer has a reasonable time after presentation, but not beyond the end of the seventh business day of the issuer after the day of its receipt of documents:

1. (1) to honor,
2. (2) 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
3. (3) to give notice to the presenter of discrepancies in the presentation.

(f) An issuer is not responsible for:

1. (1) the performance or nonperformance of the underlying contract, arrangement, or transaction,
2. (2) an act or omission of others, or
3. (3) observance or knowledge of the usage of a particular trade other than the standard practice referred to in subsection (e).

(i) An issuer that has honored a presentation as permitted or required by this chapter:

1. (1) is entitled to be reimbursed by the applicant in immediately available funds not later than the date of its payment of funds;
2. (2) takes the documents free of claims of the beneficiary or presenter;
3. (3) is precluded from asserting a right of recourse on a draft under Sections 36-3-414 and 36-3-415;
4. (4) except as otherwise provided in Sections 36-5-110 and 36-5-117, is precluded from restitution of money paid or other value given by mistake to the extent the mistake concerns discrepancies in the documents or tender which are apparent on the face of the presentation; and
5. (5) is discharged to the extent of its performance under the letter of credit unless the issuer honored a presentation in which a required signature of a beneficiary was forged.