S.D. Admin. R. 20:06:31:20

Current through Register Vol. 51, page 57, November 12, 2024

Section 20:06:31:20 - Letter of credit issued by a financial institution

If the letter of credit is issued by a financial institution authorized to issue letters of credit, other than a qualified United States financial institution as described SDCL 58-14-16.18, then the following additional requirements shall be met:

(1) The issuing financial institution shall formally designate the confirming qualified United States financial institution as its agent for the receipt and payment of the drafts; and

(2) The evergreen clause shall provide for 30 days notice prior to expiration date for nonrenewal.

S.D. Admin. R. 20:06:31:20

44 SDR 71, effective 10/23/2017

General Authority: SDCL 58-14-17.

Law Implemented: SDCL 58-14-16, 58-14-17.