Okla. Stat. tit. 12A, § 12A-2-325
This is the official text of Okla. Stat. tit. 12A, § 12A-2-325, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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"Letter of Credit" Term; "Confirmed Credit"
Official statutory text
(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.
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.
Status: in_force · Read it on the official government site
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