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2018 Georgia Code 11-2-325 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 11-2-325 Case Law from Google Scholar Amendments to OCGA 11-2-325

TITLE 11 COMMERCIAL CODE

Section 2. Sales, 11-2-101 through 11-2-725.

ARTICLE 2 SALES

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.

(Code 1933, § 109A-2 - 325, enacted by Ga. L. 1962, p. 156, § 1.)

RESEARCH REFERENCES

6 Am. Jur. Pleading and Practice Forms, Commercial Code, § 2:135.

C.J.S.

- 77A C.J.S., Sales, § 208.

U.L.A.

- Uniform Commercial Code (U.L.A.) § 2-325.

ALR.

- Construction or provision for letter of credit in contract of sale, 38 A.L.R. 608.

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