Tennessee Statutes
§ 45-2-608 — Acceptances
Tennessee·Title 45
(a)A bank may accept:
(1)A draft that has not more than six (6) months' sight to run, exclusive of days of grace, and is drawn to finance the purchase of goods with maturity in accordance with the original terms of purchase, or is secured by shipping documents transferring or securing title to goods or by receipt of a licensed or bonded warehouse or elevator transferring or securing title to readily marketable, nonperishable staples; and (2) A draft that has no more than three (3) months' sight to run, exclusive of days of grace, and is drawn by a bank outside the continental limits of the United States for the purpose of furnishing dollar exchange for trade.
(b)A bank may issue a letter of credit, but unless the authority conferred to draw upon the bank or its correspondents is limited
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Tennessee § 45-2-608 (Acceptances) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Acts 1969, ch. 36, § 1 (3.243); T.C.A., § 45-437.
Nearby Sections
15
§ 45-1-101
Short title§ 45-1-103
General definitions§ 45-1-104
Department to execute laws§ 45-1-106
Salary of commissioner§ 45-1-107
Powers and duties of commissioner§ 45-1-109
Oaths of office§ 45-1-111
Limitation of personal liability§ 45-1-112
Official seal§ 45-1-113
Office facilities§ 45-1-116
Examiners - Employment and duties