2010 New York Code
UCC - Uniform Commercial Code
Article 2 - SALES
Part 3 - (2-301 - 2-328) GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT
2-325 - "Letter of Credit" term; "Confirmed Credit".

Section 2--325. "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 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.