Proceeds of a letter of credit means the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The term does not include a beneficiary’s drawing rights or documents presented by the beneficiary.
Proceeds of a letter of credit means the cash, check, accepted draft,
Proceeds of a letter of credit means the cash, check, accepted draft, or other item of value paid or delivered upon honor
Examples of Proceeds of a letter of credit in a sentence
Proceeds of a letter of credit" has the same meaning as in section 1305.13 of the Revised Code.