Minnesota Administrative Rules
Agency 133 - Secretary of State
Chapter 8275 - ELECTRONIC AUTHENTICATION
Part 8275.0100 - RECOVERY AGAINST SUITABLE GUARANTY
Current through Register Vol. 48, No. 39, March 25, 2024
Subpart 1. Judgment.
To recover a qualified right to payment against a surety or issuer of an irrevocable letter of credit as a suitable guaranty according to Minnesota Statutes, section 325K.18, the claimant shall file with the surety or issuer of an irrevocable letter of credit a certified copy of the judgment on which the qualified right to payment is based.
Subp. 2. Insurance claim.
If the suitable guaranty is a policy of insurance, the party who claims to have suffered damage must follow the claim process outlined in the policy.
Statutory Authority: MS s 325K.01; 325K.03; 325K.04; 325K.05; 325K.06; 325K.07