Law Journals and Reviews
Products Liability in Hawaii. 14 HBJ 127.
§490:2-325 "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. [L 1965, c 208, §2-325; HRS §490:2-325]
Section: Previous 490-2-318 490-2-319 490-2-320 490-2-321 490-2-322 490-2-323 490-2-324 490-2-325 490-2-326 490-2-327 490-2-328 490-2-401 490-2-402 490-2-403 490-2-501 NextLast modified: October 27, 2016