{"data":{"id":"us-ky/krs-355.2-325","jurisdiction":"us-ky","citation":"KRS 355.2-325","heading":"\"Letter of credit\" term -- \"Confirmed credit.\"","body":"(1) Failure of the buyer seasonably to furnish an agreed letter of credit is a breach of the\ncontract for sale.\n(2) The delivery to seller of a proper letter of credit suspends the buyer's obligation to\npay. If the letter of credit is dishonored, the seller m ay on seasonable notification to\nthe buyer require payment directly from him.\n(3) Unless otherwise agreed the term \"letter of credit\" or \"banker's credit\" in a contract\nfor sale means an irrevocable credit issued by a financing agency of good repute and\nwhere the shipment is overseas, of good international repute. The term \"confirmed\ncredit\" means that the credit must also carry the direct obligation of such an agency\nwhich does business in the seller's financial market.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33285","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:42Z","sha256":"afd52196980e4d310614835de0c0c80830e899ef636ea7af31f1c90826e19c03","source_id":"us-ky","stale":false,"prev":"us-ky/krs-355.2-324","next":"us-ky/krs-355.2-326"},"notice":"GroundRules: Original legal text. Not legal advice."}