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2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
79A.14 LETTER OF CREDIT FORM.
The form for the letter of credit under this chapter shall be:
Effective Date
State of Minnesota (Beneficiary)
(Address)
Dear Sirs:
By order of ....................(Self-Insurer) we are instructed to open a clean irrevocable Letter of
Credit in your favor for United States $.................(Amount).
We undertake that drawings under this Letter of Credit will be honored upon presentation of your
draft drawn on ...............(issuing bank), at ...............(Address) prior to expiration date.
The Letter of Credit expires on ..............., but will automatically extend for an additional one year
if you have not received by registered mail notification of intention not to renew 60 days prior to
the original expiration date and each subsequent expiration date.
Except as expressly stated herein, this undertaking is not subject to any condition or
qualification. The obligation of .................(issuing bank) under this letter of credit shall be the
individual obligation of .................(issuing bank), in no way contingent upon reimbursement
with respect thereto.
Very truly yours,
..... (Signature)
History: 1988 c 674 s 14; 1990 c 426 art 1 s 11
The form for the letter of credit under this chapter shall be:
Effective Date
State of Minnesota (Beneficiary)
(Address)
Dear Sirs:
By order of ....................(Self-Insurer) we are instructed to open a clean irrevocable Letter of
Credit in your favor for United States $.................(Amount).
We undertake that drawings under this Letter of Credit will be honored upon presentation of your
draft drawn on ...............(issuing bank), at ...............(Address) prior to expiration date.
The Letter of Credit expires on ..............., but will automatically extend for an additional one year
if you have not received by registered mail notification of intention not to renew 60 days prior to
the original expiration date and each subsequent expiration date.
Except as expressly stated herein, this undertaking is not subject to any condition or
qualification. The obligation of .................(issuing bank) under this letter of credit shall be the
individual obligation of .................(issuing bank), in no way contingent upon reimbursement
with respect thereto.
Very truly yours,
..... (Signature)
History: 1988 c 674 s 14; 1990 c 426 art 1 s 11
Official Publication of the State of Minnesota
Revisor of Statutes