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·Title 51A BANKS AND BANKING·Ch. 51A-16 MONEY TRANSMISSION

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.

South Dakota § 51A-17-106 (Designation by director of agent as beneficiary to a letter of credit.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.