{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-2-325","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-2-325","heading":"\"Letter of Credit\" Term; \"Confirmed Credit\"","body":"(1) Failure of the buyer seasonably to furnish an agreed letter\n\nof credit is a breach of the contract for sale.\n\n(2) The delivery to seller of a proper letter of credit suspends\n\nthe buyer's obligation to pay. If the letter of credit is\n\ndishonored, the seller may on seasonable notification to the buyer\n\nrequire payment directly from him.\n\n(3) Unless otherwise agreed the term \"letter of credit\" or\n\n\"banker's credit\" in a contract for sale means an irrevocable credit\n\nissued by a financing agency of good repute and, where the shipment\n\nis overseas, of good international repute. The term \"confirmed\n\ncredit\" means that the credit must also carry the direct obligation\n\nof such an agency which does business in the seller's financial\n\nmarket.","path":["OK Code","Title 12A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"708652afe94229ac953e91813d1f1f1b52d7793ee264f6474707b0f6ae4d28c0","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-2-324","next":"us-ok/okla.-stat.-tit.-12a-12a-2-326"},"notice":"GroundRules: Original legal text. Not legal advice."}