17 NCAC 12B .0107 — Irrevocable Letter Of Credit

The irrevocable letter of credit submitted to the Department pursuant to G.S. 105-449.72 shall be issued on the bank's letterhead and include the following: (1) the irrevocable letter of credit number; (2) the North Carolina Department of Revenue designated as the beneficiary; (3) the Principal name and address; (4) the tax type for which the irrevocable letter of credit is issued; (5) the coverage period including effective and expiration dates; (6) the liability release date, which shall be three years after the expiration date; (7) the credit amount; (8) the issuing bank's name, address, telephone number, and fax number; and (9) the signature, printed name, and title of authorized person issuing the irrevocable letter of credit on behalf of the issuing bank. section .0200 – tax and liability