Idaho State Statutes - Idaho Attorney Directory

" (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.

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