Alaska § 45.02.325 - “Letter of credit” term; “confirmed credit.”
Full text of Alaska Alaska Statutes § 45.02.325 — “Letter of credit” term; “confirmed credit.”, with citation guidance and answers to common questions.
§ 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.
Source: official Alaska text · Last verified 2026-08-27
Frequently Asked Questions About Alaska § 45.02.325
What does Alaska Statutes § 45.02.325 cover?
Section 45.02.325 ("“Letter of credit” term; “confirmed credit.”") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 45.02.325?
A common citation format is "Alaska Statutes § 45.02.325" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 45.02.325 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.