Idaho Code § 28-2-325
This is the official text of Idaho Code § 28-2-325, part of Idaho’s Code — part of the compiled statutory law of Idaho, published by the state as "Code." Browse the sections below, each linked to its official government source.
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28-2-325 “LETTER OF CREDIT” TERM — “CONFIRMED CREDIT.”
Official statutory text
PART 3.
GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT
28-2-325. "Letter of credit" term — "Confirmed credit." (1) Failure of the buyer seasonably to furnish an agreed letter of credit is a breach of the contract for sale.
(2) The delivery to seller of a proper letter of credit suspends the buyer's obligation to pay. If the letter of credit is dishonored, the seller may on seasonable notification to the buyer require payment directly from him.
(3) Unless otherwise agreed the term "letter of credit" or "banker's credit" in a contract for sale means an irrevocable credit issued by a financing agency of good repute and, where the shipment is overseas, of good international repute. The term "confirmed credit" means that the credit must also carry the direct obligation of such an agency which does business in the seller's financial market.
History:
[28-2-325, added 1967, ch. 161, sec. 2-325, p. 351.]
GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT
28-2-325. "Letter of credit" term — "Confirmed credit." (1) Failure of the buyer seasonably to furnish an agreed letter of credit is a breach of the contract for sale.
(2) The delivery to seller of a proper letter of credit suspends the buyer's obligation to pay. If the letter of credit is dishonored, the seller may on seasonable notification to the buyer require payment directly from him.
(3) Unless otherwise agreed the term "letter of credit" or "banker's credit" in a contract for sale means an irrevocable credit issued by a financing agency of good repute and, where the shipment is overseas, of good international repute. The term "confirmed credit" means that the credit must also carry the direct obligation of such an agency which does business in the seller's financial market.
History:
[28-2-325, added 1967, ch. 161, sec. 2-325, p. 351.]
Status: in_force · Read it on the official government site
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