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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 85. State Banking Department |
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Chapter 10. Supervision, Regulation and Administration of Banks, Trust Companies, and the Oklahoma Banking Code |
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Subchapter 11. Substantive Guidelines and Restrictions |
SECTION 85:10-11-12. Letter of credit; contingent liabilities
Latest version.
- In order that the books and records of a bank or trust company reflect its contingent liabilities, the bank or trust company shall properly maintain records on all letters of credit issued and outstanding showing the following information:(1) Controlled registration numbering system;(2) Name of the account party for whom the letter of credit is established;(3) the name of the beneficiary;(4) the amount; and(5) the expiration date.