Maine § 2-325. - "Letter of credit" term; "confirmed credit"
Full text of Maine Maine Revised Statutes § 2-325. — "Letter of credit" term; "confirmed credit", with citation guidance and answers to common questions.
§ 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.
Source: official Maine text · Last verified 2026-08-27
Frequently Asked Questions About Maine § 2-325.
What does Maine Revised Statutes § 2-325. cover?
Section 2-325. (""Letter of credit" term; "confirmed credit"") is part of the Maine Revised Statutes, the codified statutory law of Maine. 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 Maine § 2-325.?
A common citation format is "Maine Revised Statutes § 2-325." (Maine). 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 Maine law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maine official source linked on this page or consult a licensed Maine attorney.
How does Maine § 2-325. apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maine 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 Maine.