20 : 06 : 31 : 19 . Heading and term for letters of credit. The heading of the letter of credit may include a boxed section containing the name of the applicant and other appropriate notations to provide a reference for the letter of credit. The boxed section shall be clearly marked to indicate the information is for internal identification purposes only.

The term of the letter of credit shall be for at least one year and shall contain an evergreen clause that prevents the expiration of the letter of credit without due notice from the issuer. The evergreen clause shall provide for a period of no less than thirty days' notice prior to expiration date or nonrenewal.

Source: 44 SDR 71, effective October 23, 2017.

General Authority: SDCL 58-14-17.

Law Implemented: SDCL 58-14-16, 58-14-17 .