Indiana Statutes
§ 26-1-2-325 — "Letter of credit"; "confirmed credit"
(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.
Formerly: Acts 1963, c.317, s.2-325.
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Nearby Sections
15
§ 26-1-1-0.3
Certain security interests considered perfected§ 26-1-1-0.5
Status of certain security interests; conditions; lapsing of perfection;
filing of financing statements§ 26-1-1-101
Short title; application§ 26-1-1-104
Construction against implicit repeal§ 26-1-1-105
Repealed§ 26-1-1-106
Remedies to be liberally administered§ 26-1-1-108
Severability