Ohio Code § 1302.38
Ohio Code § 1302.38. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 1302.38.
(A) Failure of the buyer seasonably to furnish an agreed letter of credit is a breach
of the contract for sale. (B) 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. (C) 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.
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 1302.38
- Jurisdiction: Ohio
- Code: Ohio Revised Code
- Text: transcribed from the official source (verify below)
Verify the text
Statute text is transcribed from the official Ohio Revised Code. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Ohio attorney.
Common questions
What is the source of Ohio Revised Code § 1302.38?
The text above is transcribed from the Ohio Revised Code, the codified statutes of Ohio. The official publisher link appears under "Verify the text" on this page.
What subject does Ohio Revised Code § 1302.38 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Ohio Revised Code § 1302.38 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Ohio source before relying on this text.
Can this page be used as legal advice?
No. This is a reference transcription for research. Applying Ohio law to your facts requires a licensed Ohio attorney who can review the specifics.