The irrevocable letter of credit submitted to the Department pursuant to G.S. 105-449.72 shall be issued on the bank's letterhead and include the following:

(1)           the irrevocable letter of credit number;

(2)           the North Carolina Department of Revenue designated as the beneficiary;

(3)           the Principal name and address;

(4)           the tax type for which the irrevocable letter of credit is issued;

(5)           the coverage period including effective and expiration dates;

(6)           the liability release date, which shall be three years after the expiration date;

(7)           the credit amount;

(8)           the issuing bank's name, address, telephone number, and fax number; and

(9)           the signature, printed name, and title of authorized person issuing the irrevocable letter of credit on behalf of the issuing bank.


History Note:        Authority G.S. 105‑262; 105‑449.72;

Temporary Adoption Eff. January 1, 1996;

Eff. March 1, 1996;

Recodified from 17 NCAC 09K .0206 effective November 1, 2002;

Readopted Eff. November 1, 2017.