Okla. Admin. Code § 85:10-11-12

Current through Vol. 42, No. 4, November 1, 2024

Section 85:10-11-12 - Letter of credit; contingent liabilities

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.

Okla. Admin. Code § 85:10-11-12

Amended at 25 Ok Reg 1064, eff 5-25-08