Montana Statutes
§ 30-2-325 — "letter Of Credit" Term -- "confirmed Credit"
Montana·Title 30 TRADE AND COMMERCE·Ch. 2 UNIFORM COMMERCIAL CODE SALES·Part 3 General Obligation and Construction of Contract
30-2-325 . "Letter of credit" term -- "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 the 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 the buyer.
(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 mark
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Legislative History
En. Sec. 2-325, Ch. 264, L. 1963; R.C.M. 1947, 87A-2-325; amd. Sec. 850, Ch. 56, L. 2009.
Nearby Sections
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§ 30-2-101
Short Title§ 30-2-103
Definitions And Index Of Definitions§ 30-2-201
Formal Requirements -- Statute Of Frauds§ 30-2-203
Seals Inoperative§ 30-2-204
Formation In General§ 30-2-205
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