Learn About the Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2023 | Updated by FindLaw Staff
The form for the letter of credit under this chapter shall be:
Effective Date
Dear Sirs:
By order of ․․․․․․․․․․ (Self-Insurer) we are instructed to open a clean irrevocable Letter of Credit in your favor for United States $․․․․․․․․․․ (Amount).
We undertake that drawings under this Letter of Credit will be honored upon presentation of your draft drawn on ․․․․․․․․․․ (issuing bank), at ․․․․․․․․․․ (Address) prior to expiration date.
The Letter of Credit expires on ․․․․․․․․․․, but will automatically extend for an additional one year if you have not received by registered mail notification of intention not to renew 60 days prior to the original expiration date and each subsequent expiration date.
Except as expressly stated herein, this undertaking is not subject to any condition or qualification. The obligation of ․․․․․․․․․․ (issuing bank) under this letter of credit shall be the individual obligation of ․․․․․․․․․․ (issuing bank), in no way contingent upon reimbursement with respect thereto.
Very truly yours,
․․․․․․․․․․ (Signature)
Cite this article: FindLaw.com - Minnesota Statutes Insurance (Ch. 59A-79a) § 79A.14. Letter of credit form - last updated January 01, 2023 | https://codes.findlaw.com/mn/insurance-ch-59a-79a/mn-st-sect-79a-14/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)