§ 515.406. Drafts under irrevocable letters of credit; documentary drafts.
80 words·~1 min read·
/us/cfr/t31/s§ 515.406·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 515.201 prohibits the presentation, acceptance or payment of:
(a)Drafts or other orders for payment drawn under irrevocable letters of credit issued in favor or on behalf of any designated national;
(b)Drafts or other orders for payment, in which any designated national has on or since the "effective date" had any interest, drawn under any irrevocable letter of credit; and
(c)Documentary drafts in which any designated national has on or since the "effective date" had any interest.