New Jersey § 12a:2-325
Full text of New Jersey New Jersey Statutes § 12a:2-325, with citation guidance and answers to common questions.
§ 12a:2-325.
(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.
Frequently Asked Questions About New Jersey § 12a:2-325
What does New Jersey Statutes § 12a:2-325 cover?
Section 12a:2-325 is part of the New Jersey Statutes, the codified statutory law of New Jersey. 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 New Jersey § 12a:2-325?
A common citation format is "New Jersey Statutes § 12a:2-325" (New Jersey). 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 New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 12a:2-325 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey 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 New Jersey.