§ 2325. “Letter of credit” term; “confirmed credit”
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code
13 Pa.C.S.A. § 2325
§ 2325. “Letter of credit” term; “confirmed credit”
(c) Definitions.--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 financial market of the seller.
Credits
1979, Nov. 1, P.L. 255, No. 86, § 1, effective Jan. 1, 1980.
13 Pa.C.S.A. § 2325, PA ST 13 Pa.C.S.A. § 2325
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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