South Dakota Codified Laws 51A-17-2.5. Documents to be presented on or prior to the expiration date of the letter of credit
For purposes of§ 51A-17-2.3, a letter of credit must provide that the issuer of the letter of credit will honor, at sight, a presentation made by the beneficiary to the issuer of the following documents on or prior to the expiration date of the letter of credit:
(1) The original letter of credit, including any amendments; and
Terms Used In South Dakota Codified Laws 51A-17-2.5
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
(2) A written statement from the beneficiary stating that any of the following events have occurred:
(a) The filing of a petition by or against the licensee under the United States Bankruptcy Code, 11 U.S.C. §§ 101 to 110, as of January 1, 2023, for bankruptcy or reorganization;
(b) The filing of a petition by or against the licensee for receivership, or the commencement of any other judicial or administrative proceeding for its dissolution or reorganization;
(c) The seizure of assets of a licensee by the director pursuant to an emergency order issued in accordance with applicable law, on the basis of an action, violation, or condition that has caused or is likely to cause the insolvency of the licensee; or
(d) The beneficiary has received notice of expiration or non-extension of a letter of credit and the licensee failed to demonstrate to the satisfaction of the beneficiary that the licensee will maintain permissible investments in accordance with § 51A-17-10 upon the expiration or non-extension of the letter of credit.
Source: SL 2023, ch 159, § 5.