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Georgia State Code
Title      11
Chapter       2  
Section Navigation   101 ... 203       204 ... 303   
   304 ... 313       314 ... 323   
     324 ... 502       503 ... 512   
   513 ... 607       608 ... 701   
   702 ... 711       712 ... 721   
   722 ... 725     
Section<<< 324 325 326 327 328 401 402 403 501 502 >>>  
Title 11, Chapter 2, Section 325 (11-2-325)
"Letter of credit" term; "confirmed credit."

(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.

Sunday May 24 11:59 EDT


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