{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.2-325.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.2-325.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.2-325.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.2-325.html"}],"law_id":54445,"edition_id":1,"section_id":54445,"structure_id":13347,"section_number":"8.2-325","catch_line":"“Letter of credit” term; “confirmed credit.”","history":"1964, c. 219.","full_text":"1\n\nFailure of the buyer seasonably to furnish an agreed letter of credit is a breach of the contract for sale.2\n\nThe 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\n\nUnless 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.","order_by":null,"text":{"0":{"id":199813,"text":"Failure of the buyer seasonably to furnish an agreed letter of credit is a breach of the contract for sale.","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"next_prefix":"2"},"1":{"id":199814,"text":"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.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"2":{"id":199815,"text":"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.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2"}},"ancestry":[{"id":13347,"edition_id":1,"name":"General Obligation and Construction of Contract","identifier":"3","label":"part","depth":2,"order_by":1,"parent_id":13346,"metadata":{},"date_created":"2026-06-26 03:44:41","date_modified":"2026-06-26 03:44:41","permalink":{"id":282005,"object_type":"structure","relational_id":13347,"identifier":"3","token":"8.2\/3","url":"\/8.2\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13346,"edition_id":1,"name":"Commercial Code - Sales","identifier":"8.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:41","date_modified":"2026-06-26 03:44:41","permalink":{"id":281931,"object_type":"structure","relational_id":13346,"identifier":"8.2","token":"8.2","url":"\/8.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":70824,"structure_id":13347,"section_number":"8.2-301","catch_line":"General obligations of parties","url":"\/8.2-301\/","token":"8.2\/3\/8.2-301","metadata":false},{"id":60131,"structure_id":13347,"section_number":"8.2-302","catch_line":"Unconscionable contract or clause","url":"\/8.2-302\/","token":"8.2\/3\/8.2-302","metadata":false},{"id":80974,"structure_id":13347,"section_number":"8.2-303","catch_line":"Allocation or division of risks","url":"\/8.2-303\/","token":"8.2\/3\/8.2-303","metadata":false},{"id":66647,"structure_id":13347,"section_number":"8.2-304","catch_line":"Price payable in money, goods, realty, or otherwise","url":"\/8.2-304\/","token":"8.2\/3\/8.2-304","metadata":false},{"id":70062,"structure_id":13347,"section_number":"8.2-305","catch_line":"Open price term","url":"\/8.2-305\/","token":"8.2\/3\/8.2-305","metadata":false},{"id":75282,"structure_id":13347,"section_number":"8.2-306","catch_line":"Output, requirements and exclusive dealings","url":"\/8.2-306\/","token":"8.2\/3\/8.2-306","metadata":false},{"id":61996,"structure_id":13347,"section_number":"8.2-307","catch_line":"Delivery in single lot or several lots","url":"\/8.2-307\/","token":"8.2\/3\/8.2-307","metadata":false},{"id":56146,"structure_id":13347,"section_number":"8.2-308","catch_line":"Absence of specified place for delivery","url":"\/8.2-308\/","token":"8.2\/3\/8.2-308","metadata":false},{"id":83587,"structure_id":13347,"section_number":"8.2-309","catch_line":"Absence of specific time provisions; notice of termination","url":"\/8.2-309\/","token":"8.2\/3\/8.2-309","metadata":false},{"id":82835,"structure_id":13347,"section_number":"8.2-310","catch_line":"Open time for payment or running of credit; authority to ship under reservation","url":"\/8.2-310\/","token":"8.2\/3\/8.2-310","metadata":false},{"id":68859,"structure_id":13347,"section_number":"8.2-311","catch_line":"Options and cooperation respecting performance","url":"\/8.2-311\/","token":"8.2\/3\/8.2-311","metadata":false},{"id":82723,"structure_id":13347,"section_number":"8.2-312","catch_line":"Warranty of title and against infringement; buyer's obligation against infringement","url":"\/8.2-312\/","token":"8.2\/3\/8.2-312","metadata":false},{"id":80432,"structure_id":13347,"section_number":"8.2-313","catch_line":"Express warranties by affirmation, promise, description, sample","url":"\/8.2-313\/","token":"8.2\/3\/8.2-313","metadata":false},{"id":68050,"structure_id":13347,"section_number":"8.2-314","catch_line":"Implied warranty: Merchantability; usage of trade","url":"\/8.2-314\/","token":"8.2\/3\/8.2-314","metadata":false},{"id":86545,"structure_id":13347,"section_number":"8.2-315","catch_line":"Implied warranty: Fitness for particular purpose","url":"\/8.2-315\/","token":"8.2\/3\/8.2-315","metadata":false},{"id":76874,"structure_id":13347,"section_number":"8.2-316","catch_line":"Exclusion or modification of warranties","url":"\/8.2-316\/","token":"8.2\/3\/8.2-316","metadata":false},{"id":59470,"structure_id":13347,"section_number":"8.2-317","catch_line":"Cumulation and conflict of warranties express or implied","url":"\/8.2-317\/","token":"8.2\/3\/8.2-317","metadata":false},{"id":54328,"structure_id":13347,"section_number":"8.2-317.1","catch_line":"Use of warranty registration cards","url":"\/8.2-317.1\/","token":"8.2\/3\/8.2-317.1","metadata":false},{"id":55090,"structure_id":13347,"section_number":"8.2-318","catch_line":"When lack of privity no defense in action against manufacturer or seller of goods","url":"\/8.2-318\/","token":"8.2\/3\/8.2-318","metadata":false},{"id":82484,"structure_id":13347,"section_number":"8.2-319","catch_line":"F.O.B. and F.A.S. terms","url":"\/8.2-319\/","token":"8.2\/3\/8.2-319","metadata":false},{"id":76323,"structure_id":13347,"section_number":"8.2-320","catch_line":"C.I.F. and C. & F. terms","url":"\/8.2-320\/","token":"8.2\/3\/8.2-320","metadata":false},{"id":55652,"structure_id":13347,"section_number":"8.2-321","catch_line":"C.I.F. or C. & F.: \"Net landed weights\"; \"payment on arrival\"; warranty of condition on arrival","url":"\/8.2-321\/","token":"8.2\/3\/8.2-321","metadata":false},{"id":63317,"structure_id":13347,"section_number":"8.2-322","catch_line":"Delivery \"ex-ship.\"","url":"\/8.2-322\/","token":"8.2\/3\/8.2-322","metadata":false},{"id":67730,"structure_id":13347,"section_number":"8.2-323","catch_line":"Form of bill of lading required in overseas shipment; \"Overseas.\"","url":"\/8.2-323\/","token":"8.2\/3\/8.2-323","metadata":false},{"id":70759,"structure_id":13347,"section_number":"8.2-324","catch_line":"\"No arrival, no sale\" term","url":"\/8.2-324\/","token":"8.2\/3\/8.2-324","metadata":false},{"id":54445,"structure_id":13347,"section_number":"8.2-325","catch_line":"\"Letter of credit\" term; \"confirmed credit.\"","url":"\/8.2-325\/","token":"8.2\/3\/8.2-325","metadata":false},{"id":65818,"structure_id":13347,"section_number":"8.2-326","catch_line":"Sale on approval and sale or return; rights of creditors","url":"\/8.2-326\/","token":"8.2\/3\/8.2-326","metadata":false},{"id":58489,"structure_id":13347,"section_number":"8.2-327","catch_line":"Special incidents of sale on approval and sale or return","url":"\/8.2-327\/","token":"8.2\/3\/8.2-327","metadata":false},{"id":80896,"structure_id":13347,"section_number":"8.2-328","catch_line":"Sale by auction","url":"\/8.2-328\/","token":"8.2\/3\/8.2-328","metadata":false}],"previous_section":{"id":70759,"structure_id":13347,"section_number":"8.2-324","catch_line":"\"No arrival, no sale\" term","url":"\/8.2-324\/","token":"8.2\/3\/8.2-324","metadata":false},"next_section":{"id":65818,"structure_id":13347,"section_number":"8.2-326","catch_line":"Sale on approval and sale or return; rights of creditors","url":"\/8.2-326\/","token":"8.2\/3\/8.2-326","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.2-325\/","history_text":"

This law was first created in 1964. The record of its establishment is cataloged in chapter 219 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1964 \u201cActs\u201d aren\u2019t available online.<\/p>","references":[{"id":73102,"section_number":"8.2-103","catch_line":"Definitions and index of definitions","order_by":null,"url":"\/8.2-103\/"}],"refers_to":false,"permalink":{"id":282107,"object_type":"law","relational_id":54445,"identifier":"8.2-325","token":"8.2\/3\/8.2-325","url":"\/8.2-325\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.2-325\/","token":"8.2\/3\/8.2-325","dublin_core":{"Title":"“Letter of credit” term; “confirmed credit.”","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.2-325","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

1.<\/span> Failure of the buyer seasonably to furnish an agreed letter of credit<\/span> is a breach of the contract<\/span> for sale. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The delivery to seller of a proper letter of credit<\/span> suspends the buyer’s obligation to pay. If the letter of credit<\/span> is dishonored, the seller may on seasonable notification to the buyer require payment directly from him. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Unless otherwise agreed the term “letter of credit<\/span>” or “banker’s credit” in a contract<\/span> 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<\/span>” means that the credit must also carry the direct obligation of such an agency which does business in the seller’s financial market. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\n“LETTER OF CREDIT” TERM; “CONFIRMED CREDIT.” (\u00a7\n8.2-325)\n\n1. Failure of the buyer seasonably to furnish an agreed letter of credit is a\nbreach of the contract for sale.\n\n2. The delivery to seller of a proper letter of credit suspends the\nbuyer’s obligation to pay. If the letter of credit is dishonored, the\nseller may on seasonable notification to the buyer require payment directly from\nhim.\n\n3. Unless otherwise agreed the term “letter of credit” or\n“banker’s credit” in a contract for sale means an irrevocable\ncredit issued by a financing agency of good repute and, where the shipment is\noverseas, of good international repute. The term “confirmed credit”\nmeans that the credit must also carry the direct obligation of such an agency\nwhich does business in the seller’s financial market.\n\nHISTORY: 1964, c. 219.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}