Tennessee Statutes
§ 47-2-325 — "Letter of credit" term - "Confirmed credit."
Tennessee § 47-2-325
JurisdictionTennessee
Title47
This text of Tennessee § 47-2-325 ("Letter of credit" term - "Confirmed credit.") is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Tenn. Code Ann. § 47-2-325 (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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Legislative History
Acts 1963, ch. 81, § 1 (2-325).
Nearby Sections
15
§ 47-1-101
Short title§ 47-1-102
Scope of chapter§ 47-1-104
Construction against implied repeal§ 47-1-105
Severability§ 47-1-106
Use of singular and plural - Gender§ 47-1-201
General definitions§ 47-1-202
Notice - Knowledge§ 47-1-204
Value§ 47-1-205
Reasonable time - Seasonableness§ 47-1-206
Presumptions§ 47-1-302
Variation by agreementCite This Page — Counsel Stack
Bluebook (online)
Tennessee § 47-2-325, Counsel Stack Legal Research, https://law.counselstack.com/statute/tn/47-2-325.