The director may designate an agent to serve on the director's behalf as beneficiary to a letter of credit so long as the agent and letter of credit meet requirements established by the director. The director's agent may serve as agent for multiple licensing authorities for a single irrevocable letter of credit if the proceeds of the drawable amount for the purposes of this subdivision 51A-17-102(4) are assigned to the director.
S.D. Codified Laws § 51A-17-106
Designation by director of agent as beneficiary to a letter of credit
Source: SL 2024, ch 196, § 55.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.