North Dakota Statutes
§ 41-02-42 — (2-325) Letter of credit term - Confirmed credit
North Dakota § 41-02-42
This text of North Dakota § 41-02-42 ((2-325) Letter of credit term - Confirmed credit) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
N.D. Cent. Code § 41-02-42 (2026).
Text
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 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, if
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.
Free access — add to your briefcase to read the full text and ask questions with AI
Nearby Sections
15
§ 41-01-01
(1-101) Short titles§ 41-01-02
(1-102) Scope of chapter§ 41-01-05
(1-105) Severability§ 41-01-07
(1-107) Section captions§ 41-01-09
(1-201) General definitions§ 41-01-10
(1-202) Notice - Knowledge§ 41-01-12
(1-204) Value§ 41-01-13
(1-205) Reasonable time - Seasonableness§ 41-01-14
(1-206) PresumptionsCite This Page — Counsel Stack
Bluebook (online)
North Dakota § 41-02-42, Counsel Stack Legal Research, https://law.counselstack.com/statute/nd/41-02-42.