N.D. Cent. Code § 41-05-04
(5-104) Formal requirements
Redline — December 1, 2021 → current.View current text →
Current — January 1, 2022
As of December 1, 2021
A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated:
A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated:
(1) By a signature; or
(1) By a signature; or
(2) In accordance with the agreement of the parties or the standard practice referred to in subsection 5 of section 41-05-08.
(2) In accordance with the agreement of the parties or the standard practice referred to in subsection 5 of section 41-05-08.
(3) Many banking transactions, including the issuance of many letters of credit, are now conducted mostly by electronic means. For example, S.W.I.F.T. is currently used to transmit letters of credit from issuing to advising banks. The letter of credit text so transmitted may be printed at the advising bank, stamped “original” and provided to the beneficiary in that form. The printed document may then be used as a way of controlling and recording payments and of recording and authorizing assignments of proceeds or transfers of rights under the letter of credit. Nothing in this section should be construed to conflict with that practice.
Official source: North Dakota Legislative Branch. Reproduced from public-domain North Dakota statutes; confirm against the official source for the current text. Not legal advice.