South Dakota § 51A-17-106 Designation by director of agent as beneficiary to a letter of credit.

South Dakota Statutes

§ 51A-17-106 — Designation by director of agent as beneficiary to a letter of credit.

South Dakota § 51A-17-106

Title 51ABANKS AND BANKING

Ch. 51A-16MONEY TRANSMISSION

This text of South Dakota § 51A-17-106 (Designation by director of agent as beneficiary to a letter of credit.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 51A-17-106 (2026).

Text

The director may designate an agent to serve on the director's behalf as beneficiary to a letter of credit so long as the agent and letter of credit meet requirements established by the director. The director's agent may serve as agent for multiple licensing authorities for a single irrevocable letter of credit if the proceeds of the drawable amount for the purposes of this subdivision 51A-17-102 (4) are assigned to the director.

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The director may designate an agent to serve on the director's behalf as beneficiary to a letter of credit so long as the agent and letter of credit meet requirements established by the director. The director's agent may serve as agent for multiple licensing authorities for a single irrevocable letter of credit if the proceeds of the drawable amount for the purposes of this subdivision 51A-17-102 (4) are assigned to the director.