Section 329IAC10-2-105. "Letter of credit" defined

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"Letter of credit" means an instrument issued by a bank or other financial institution, known as the issuer, in which the issuer agrees on behalf of its customer, known as the account party, to honor demands for payment to the beneficiary usually upon presentation of the documents specified in the instrument. (Solid Waste Management Division; 329 IAC 10-2-105; filed Mar 14, 1996, 5:00 p.m.: 19 IR 1776)

                    
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