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Can you summarize OKAC 85:10-11-12?
Substantive Guidelines and Restrictions > Letter of credit; contingent liabilities
Short Summary
In order that the books and records of a bank or trust company reflect its contingent liabilities, the bank or trust company shall properly maintain records on all letters of credit issued and outstanding showing the following information: (1) Controlled registration numbering system; (2) Name of the account party for whom the letter of credit is established; (3) the name of the beneficiary; (4) the amount; and (5) the expiration date. [ Source: Amended at 25 Ok Reg 1064, eff 5-25-08]
Jurisdiction
Oklahoma