Oregon Code § 72.3250·Enacted ·Last updated March 01, 2026
Statute Text
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 buyers obligation to pay.
If the letter of credit is dishonored, the seller may on seasonable
notification to the buyer require payment directly from the buyer.
(3) Unless
otherwise agreed the term letter of credit or bankers 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 sellers financial
market. [1961 c.726 §72.3250]
Plain English Explanation
This Oregon statute addresses Letter
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Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 72.3250
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
This section of Oregon law addresses Letter
. Read the full statute text above for details.
This page reflects the current text as of our last update. Always verify with the official Oregon legislature website for the most current version.
The formal citation is Oregon Code § 72.3250. Use this format in legal documents and court filings.
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