North Carolina Administrative Code Title 17 — Revenue

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.

Last amended: Authority G.S. 105-262; 105-449.72; Temporary Adoption Eff. January 1, 1996; Eff. March 1, 1996; Recodified from 17 NCAC 09K .0206 effective November 1, 2002; Readopted Eff. November 1, 2017.

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