§ 9:2789 Interest-bearing deposit accounts

Terms Used In Louisiana Revised Statutes > Title 9 > CODE TITLE II > Chapter 6 - Interest-Bearing Deposit Accounts

  • Beneficiary: means a person who under the terms of a letter of credit is entitled to have its complying presentation honored. See Louisiana Revised Statutes 10:5-102
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Issuer: means a financial institution or other person that issues a letter of credit, but does not include an individual who makes an engagement for personal, family, or household purposes. See Louisiana Revised Statutes 10:5-102
  • Letter of credit: means a definite undertaking that satisfies the requirements of La. See Louisiana Revised Statutes 10:5-102
  • Nominated person: means a person whom the issuer (i) designates or authorizes to pay, accept, negotiate, or otherwise give value under a letter of credit and (ii) undertakes by agreement or custom and practice to reimburse. See Louisiana Revised Statutes 10:5-102
  • Presentation: means delivery of a document to an issuer or nominated person for honor or giving of value under a letter of credit. See Louisiana Revised Statutes 10:5-102