20 : 06 : 31 : 23 . Letters of credit and Uniform Customs and Practice for Documentary Credits. The letter of credit shall state whether it is subject to and governed by the laws of this state or by the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce Publication 600 (UCP600), the International Standby Practices of the International Chamber of Commerce Publication 590 (ISP98), or any successor publication, and all drafts drawn thereunder shall be presentable at an office located in the United States of a qualified United States financial institution.

If the letter of credit is made subject to the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce Publication 600 (UCP600), the International Standby Practices of the International Chamber of Commerce Publication 590 (ISP98), or any successor publication, then the letter of credit shall specifically address and provide for an extension of time to draw against the letter of credit in the event that one or more of the occurrences specified in Article 36 of Publication 600, or any other successor publication, occur.

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

General Authority: SDCL 58-14-17.

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