SECTION 85:25-3-52. Letter of credit

  In order that the books and records of an association reflect its contingent liabilities, the association 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;

(5)   the expiration date;

(6)   the terms under which payment is authorized;

(7)   the notes and/or collateral posted by the account party to back the letter of credit.

[Source: Transferred from 625:10-5-14 (see Editor’s Note at beginning of this Chapter)]