Utah Administrative Code (Current through November 1, 2019)

R590-114-3. Definitions

Related Notices

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In addition to the definitions of Section 31A-1-301, the following definitions shall apply for the purposes of this rule:

A. "Clean" shall refer to a letter of credit which does not require the presentation of any documents other than a sight draft for a draw upon available funds.

B. "Evergreen clause" shall refer to a provision in a letter of credit which prevents expiration of the letter unless advance notice is given by the issuer.

                    
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