Texas Insurance Code - Section 493.105. Acceptability Of Certain Letters Of Credit
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Texas Lawyer > Insurance Code > Texas Insurance Code - Section 493.105. Acceptability Of Certain Letters Of Credit
§ 493.105. ACCEPTABILITY OF CERTAIN LETTERS OF CREDIT. A
letter of credit issued or confirmed by an institution that meets
the standards prescribed by Section 493.104(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
493.104 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: 493.053 493.054 493.055 493.101 493.102 493.103 493.104 493.105 493.106 493.107 493.151 493.152 493.153 493.154 493.155
Last modified: August 10, 2007
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