2009 Iowa Code
Title 13 - Commerce
Subtitle 5 - Regulation of Commercial Enterprises
CHAPTER 554 - UNIFORM COMMERCIAL CODE
554.2325 - "LETTER OF CREDIT" TERM -- "CONFIRMED CREDIT".

        554.2325  "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 the buyer.
         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.  

         [C66, 71, 73, 75, 77, 79, 81, § 554.2325]
         Referred to in § 554.2103