Minnesota § 79A.14 LETTER OF CREDIT FORM

Minnesota Statutes

§ 79A.14 — LETTER OF CREDIT FORM

Minnesota § 79A.14

PartINSURANCE

Ch. 79AWORKERS' COMPENSATION SELF-INSURANCE

This text of Minnesota § 79A.14 (LETTER OF CREDIT FORM) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 79A.14 (2026).

Text

The form for the letter of credit under this chapter shall be:
Effective Date
State of Minnesota (Beneficiary)
(Address)
Dear Sirs:
By order of ....................(Self-Insurer) we are instructed to open a clean irrevocable Letter of Credit in your favor for United States $.................(Amount).
We undertake that drawings under this Letter of Credit will be honored upon presentation of your draft drawn on ...............(issuing bank), at ...............(Address) prior to expiration date.
The Letter of Credit expires on ..............., but will automatically extend for an additional one year if you have not received by registered mail notification of intention not to renew 60 days prior to the original expiration date and each subsequent expiration date.
Except as expressly stated he

Free access — add to your briefcase to read the full text and ask questions with AI

The form for the letter of credit under this chapter shall be:
Effective Date
State of Minnesota (Beneficiary)
(Address)
Dear Sirs:
By order of ....................(Self-Insurer) we are instructed to open a clean irrevocable Letter of Credit in your favor for United States $.................(Amount).
We undertake that drawings under this Letter of Credit will be honored upon presentation of your draft drawn on ...............(issuing bank), at ...............(Address) prior to expiration date.
The Letter of Credit expires on ..............., but will automatically extend for an additional one year if you have not received by registered mail notification of intention not to renew 60 days prior to the original expiration date and each subsequent expiration date.
Except as expressly stated herein, this undertaking is not subject to any condition or qualification. The obligation of .................(issuing bank) under this letter of credit shall be the individual obligation of .................(issuing bank), in no way contingent upon reimbursement with respect thereto.
Very truly yours,
.(Signature)