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The Legislative Service Commission staff updates the Revised Code on an ongoing basis, as it completes its act review of enacted legislation. Updates may be slower during some times of the year, depending on the volume of enacted legislation.

Section 1302.38 | Letter of credit - confirmed credit - UCC 2-325.

Ohio Revised Code
/
Title 13 Commercial Transactions
/
Chapter 1302 Sales
 
Effective:
July 1, 1962
Latest Legislation:
Senate Bill 5 - 104th General Assembly
PDF:
Download Authenticated PDF
 

(A) Failure of the buyer seasonably to furnish an agreed letter of credit is a breach of the contract for sale.

(B) 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.

(C) 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.

Available Versions of this Section