§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.
Structure Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Part 3: GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT
11 §2-301. General obligations of parties
11 §2-302. Unconscionable contract or clause
11 §2-303. Allocation or division of risks
11 §2-304. Price payable in money, goods, realty or otherwise
11 §2-306. Output, requirements and exclusive dealings
11 §2-307. Delivery in single lot or several lots
11 §2-308. Absence of specified place for delivery
11 §2-309. Absence of specific time provisions; notice of termination
11 §2-310. Open time for payment or running of credit; authority to ship under reservation
11 §2-311. Options and cooperation respecting performance
11 §2-312. Warranty of title and against infringement; buyer's obligation against infringement
11 §2-313. Express warranties by affirmation, promise, description, sample
11 §2-314. Implied warranty: merchantability; usage of trade
11 §2-315. Implied warranty: fitness for particular purpose
11 §2-316. Exclusion or modification of warranties
11 §2-317. Cumulation and conflict of warranties express or implied
11 §2-319. F.O.B. and F.A.S. terms
11 §2-320. C.I.F. and C.& F. terms
11 §2-323. Forms of bill of lading required in overseas shipment; "overseas"
11 §2-324. "No arrival, no sale" term
11 §2-325. "Letter of credit" term; "confirmed credit"
11 §2-326. Sale on approval and sale or return; rights of creditors
11 §2-327. Special incidents of sale on approval and sale or return