ARSD 20:06:31:20. Letter of credit issued by a financial institution

If the letter of credit is issued by a financial institution authorized to issue letters of credit, other than a qualified United States financial institution as described SDCL 58-14-16.18, then the following additional requirements shall be met: (1) The issuing financial institution shall formally designate the confirming qualified United States financial institution as its agent for the receipt and payment of the drafts; and (2) The evergreen clause shall provide for thirty days' notice prior to expiration date for nonrenewal.