{"data":{"id":"us-ak/as-45.02.325","jurisdiction":"us-ak","citation":"AS 45.02.325","heading":"“Letter of credit” term; “confirmed credit.”","body":"(a) Failure of the buyer seasonably to furnish an agreed letter of credit is a breach of the contract for sale.\n(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 the buyer.\n(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, 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 that does business in the seller's financial market.","path":["Title 45. Trade and Commerce.","Chapter 02. Sales.","Article 3. General Obligation and Construction of Contract."],"source_url":"https://www.akleg.gov/basis/statutes.asp#45.02.325","current_through":"Alaska Statutes 2025 (34th Legislature, 2025-2026)","vintage":"","retrieved_at":"2026-09-02T06:19:44Z","sha256":"48ea88c63fff672db3ae80ad1bc8e2c64803729e391f6f2c12ebeac50803fb5a","source_id":"us-ak","stale":false,"prev":"us-ak/as-45.02.324","next":"us-ak/as-45.02.326"},"notice":"GroundRules: Original legal text. Not legal advice."}