§ 2-325. “Letter of credit” term; “confirmed credit”
West's Annotated Code of MarylandCommercial Law
MD Code, Commercial Law, § 2-325
§ 2-325. “Letter of credit” term; “confirmed credit”
(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.
Credits
Added by Acts 1975, c. 49, § 2, eff. July 1, 1975.
Formerly Art. 95B, § 2-325.
MD Code, Commercial Law, § 2-325, MD COML § 2-325
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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