- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 2. Sales
- Section 325. "Letter of Credit" Term; "Confirmed Credit.".
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. "No Arrival, No Sale" Term.
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. Sale On Approval and Sale or Return; Rights of Creditors.
AS 45.02.325. "Letter of Credit" Term; "Confirmed Credit.".
- (a) Failure of the buyer seasonably to furnish an agreed letter of credit is a breach of the contract for sale.
- (b) 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 the buyer.
- (c) 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, if 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 that does
business in the seller's financial market.
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