Texas Insurance Code - Section 492.105. Acceptability Of Certain Letters Of Credit
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Texas Lawyer > Insurance Code > Texas Insurance Code - Section 492.105. Acceptability Of Certain Letters Of Credit
§ 492.105. ACCEPTABILITY OF CERTAIN LETTERS OF CREDIT. A
letter of credit issued or confirmed by an institution that meets
the standards prescribed by Section 492.104(b)(2)(C) as of the date
the letter is issued or confirmed, but later fails to meet those
standards, continues to be acceptable as security under Section
492.104 until the earliest of:
(1) the letter's expiration;
(2) the letter's extension, renewal, modification, or
amendment after the date the institution fails to meet those
standards; or
(3) the expiration of the three-month period after the
date the institution fails to meet those standards.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 492.054 492.055 492.056 492.101 492.102 492.103 492.104 492.105 492.106 492.107 492.151 492.152 492.153 492.154 492.155
Last modified: August 10, 2007
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