South Carolina § 36-2-325 "Letter of credit" term; "confirmed credit".

South Carolina Statutes

§ 36-2-325 — "Letter of credit" term; "confirmed credit".

South Carolina § 36-2-325

Title 36COMMERCIAL CODE

Ch. 2COMMERCIAL CODE—SALES

This text of South Carolina § 36-2-325 ("Letter of credit" term; "confirmed credit".) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 36-2-325 (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 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.

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(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.