Montana Statutes
§ 32-1-437 — Acceptance And Issuance Of Drafts -- Rulemaking Authority
Montana·Title 32 FINANCIAL INSTITUTIONS·Ch. 1 BANKS AND TRUST COMPANIES·Part 4 Operation and Regulation
32-1-437 . Acceptance and issuance of drafts -- rulemaking authority.
(1)A bank organized and existing under the laws of Montana may accept for payment at a future date drafts drawn upon it by its customers authorizing the holders of the drafts to draw drafts upon it or its correspondents at sight or on time if the total amount of drafts accepted for any one person, firm, or corporation does not at any one time exceed 20% of the capital and surplus of the accepting or issuing bank.
(2)The department may adopt rules to implement this section.
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Legislative History
En. Sec. 74, Ch. 89, L. 1927; re-en. Sec. 6014.85, R.C.M. 1935; amd. Sec. 11-103, Ch. 264, L. 1963; R.C.M. 1947, 5-1001; amd. Sec. 5, Ch. 199, L. 1989; (2) En. Sec. 6, Ch. 199, L. 1989; amd. Sec. 10, Ch. 265, L. 1995.
Nearby Sections
15
§ 32-1-1001
Definition Of Foreign Trust Company§ 32-1-1002
Appointment Of Foreign Trust Companies§ 32-1-1004
Service Of Process§ 32-1-1005
Bond§ 32-1-1006
Rights And Duties§ 32-1-1007
Solicitation Of Business§ 32-1-101
Short Title -- Application -- Purpose§ 32-1-103
Repealed§ 32-1-105
Commercial Bank Defined§ 32-1-106
Savings Bank Defined