Utah Admin. Code 590-114-3

Current through Bulletin 2024-19, October 1, 2024

Section R590-114-3 - Definitions

Terms 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