Sec. 06.05.275. Trade and bank acceptances.
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Sec. 06.05.275. Trade and bank acceptances.
(a)[Repealed, § 102 ch 26 SLA 1993.]
(b)A bank may discount, invest in, negotiate, and issue trade acceptances and bank acceptances if
(1)the terms of the draft require presentation for payment within 180 days of issuance, exclusive of days of grace, and it is drawn to finance the purchase of goods with maturity and payment in accordance with the terms of the purchase agreement;
(2)the terms of the draft require presentation for payment within 180 days of issuance, exclusive of days of grace, and it is secured by shipping documents transferring or securing title to goods, or by receipt of a licensed or bonded warehouse securing title to readily marketable goods; or
(3)the draft is drawn by a bank outside the continental limits of the United States for the purpose of furnishing dollar exchange for trade and its terms require presentation for payment within 90 days of issuance.
(c)[Repealed, § 102 ch 26 SLA 1993.]