§12A-2-325.

§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.