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CHAPTER 13. LOANS. RESTRICTIONS ON INDEBTEDNESS. BUSINESS STOCK AND MONEY SECURITIES

CHAPTER 13. LOANS. RESTRICTIONS ON INDEBTEDNESS. BUSINESS STOCK AND MONEY SECURITIES

В§ 13.12. Standby letters of credit.

(a) meaning. The term standby letter of credit means a letter of credit, or similar arrangement however named or described, which represents an obligation to the beneficiary on the part of https://cashnetusaapplynow.com/payday-loans-tx/mineral-wells/ the issuing institution to repay money borrowed by or advanced to or for the account of the account party, or to make payment on account of an indebtedness undertaken by the account party, or to make payment on account of a default (including a statement of default) by the account party in the performance of an obligation as used in this section.