New Jersey Administrative Code
Title 3 - BANKING
Chapter 11 - INVESTMENTS
Subchapter 9 - STANDBY LETTERS OF CREDIT
Section 3:11-9.3 - Authority to issue standby letters of credit
Universal Citation: NJ Admin Code 3:11-9.3
Current through Register Vol. 56, No. 18, September 16, 2024
(a) A bank may issue a standby letter of credit on behalf of its customers in the normal course of business:
1. Provided that the
bank's undertaking contains a specified expiration date or be for a definite
term; and
2. The bank's liability
is limited to a stated amount.
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