329 Ind. Admin. Code 10-2-105
Current through December 12, 2024
Authority: IC 13-14-8-7; IC 13-15-2-1; IC 13-19-3-1
Affected: IC 13-30-2; IC 25-31; IC 36-9-30
Sec. 105.
"Letter of credit" means an instrument issued by a bank or other financial institution, known as the issuer, in which the issuer agrees on behalf of its customer, known as the account party, to honor demands for payment to the beneficiary usually upon presentation of the documents specified in the instrument.
329 IAC 10-2-105