2.325 – "LETTER OF CREDIT" TERM; "CONFIRMED CREDIT". (a) | Texas Law
Learn about Texas's "LETTER OF CREDIT" TERM; "CONFIRMED CREDIT". (a) law, including definitions, penalties, and legal implications.
2.325 – "LETTER OF CREDIT" TERM; "CONFIRMED CREDIT". (a)
Texas Business and Commerce Code § 2.325
Summary
This law outlines the obligations related to letters of credit in sales contracts. It specifies that a buyer's failure to provide a letter of credit is a breach, and that delivery of a proper letter suspends payment obligations until dishonored.
Buyer's failure to provide a letter of credit breaches the contract.
Delivery of a letter suspends buyer's payment obligations.
Seller can demand payment if the letter of credit is dishonored.
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In simple terms: Learn about Texas's "LETTER OF CREDIT" TERM; "CONFIRMED CREDIT". (a) law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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