Current through Bulletin 2024-24, December 15, 2024
Section R590-114-3 - DefinitionsTerms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:
(1) "Clean" means a letter of credit that does not require the presentation of any document other than a sight draft for a draw upon available funds.(2) "Evergreen clause" means a provision in a letter of credit that prevents the letter from expiring unless the issuer provides advance notice.Utah Admin. Code R590-114-3
Amended by Utah State Bulletin Number 2021-22, effective 11/8/2021