Mo. Code Regs. tit. 20 § 1140-20.083
Current through Register Vol. 50, No. 1, January 2, 2025
Section 20 CSR 1140-20.083 - Letters of CreditPURPOSE: This rule authorizes associations to issue letters of credit.
(1) An association may issue commercial and standby letters of credit in conformance with the Uniform Commercial Code or the Uniform Customs and Practice for Documentary Credits and may pledge collateral to secure its obligations under them, subject to the following requirements.(2) Terms and Conditions. (A) Each letter of credit must conspicuously state that it is a letter of credit.(B) The issuer's undertaking must contain a specified expiration date or be for a definite term and must be limited in amount.(C) The issuer's obligation to pay must be solely dependent upon the presentation of conforming documents as specified in the letter of credit and not upon the factual performance or nonperformance by the parties to the underlying transaction.(D) The account party must have an unqualified obligation to reimburse the issuer for payments made under the letter of credit. AUTHORITY: sections 369.249 and 369.299, RSMo 1994.* This rule originally filed as 4 CSR 260-8.083. This rule previously filed as 4 CSR 140-20.083. Original rule filed Nov. 4, 1986, effective Jan. 30, 1987. Changed to 4 CSR 140-20.083, effective July 6, 1994. Moved to 20 CSR 1140-20.083, effective Aug. 28, 2006. *Original authority: 369.249, RSMo 1971, amended 1994 and 369.299, RSMo 1971, amended 1994.