N.Y. UCC Law § 2-325
This is the official text of N.Y. UCC Law § 2-325, part of New York’s UCC Law — part of the compiled statutory law of New York, published by the state as "UCC Law." Browse the sections below, each linked to its official government source.
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"Letter of Credit" Term; "Confirmed Credit"
Official statutory text
Section 2--325. "Letter of Credit" Term; "Confirmed Credit".\n (1) Failure of the buyer seasonably to furnish an agreed letter of\ncredit is a breach of the contract for sale.\n (2) The delivery to seller of a proper letter of credit suspends the\nbuyer's obligation to pay. If the letter of credit is dishonored, the\nseller may on seasonable notification to the buyer require payment\ndirectly from him.\n (3) Unless otherwise agreed the term "letter of credit" or "banker's\ncredit" in a contract for sale means an irrevocable credit issued by a\nfinancing agency of good repute and, where the shipment is overseas, of\ngood international repute. The term "confirmed credit" means that the\ncredit must also carry the direct obligation of such an agency which\ndoes business in the seller's financial market.\n
Status: in_force · Read it on the official government site
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