17 N.C. Admin. Code 12B.0107

Current through Register Vol. 39, No. 9, November 1, 2024

Section 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.

17 N.C. Admin. Code 12B .0107

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.

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 by North Carolina Register Volume 32, Issue 11, December 1, 2017 effective 11/1/2017.