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§ 2-325. “Letter of Credit” Term; “Confirmed Credit”

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 2. Sales (Refs & Annos)
Part 3. General Obligation and Construction of Contract
12A Okl.St.Ann. § 2-325
§ 2-325. “Letter of Credit” Term; “Confirmed Credit”
Currentness
(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.

Credits

Laws 1961, p. 85, § 2-325.
12A Okl. St. Ann. § 2-325, OK ST T. 12A § 2-325
Current with emergency effective legislation through Chapter 329 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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