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Session Laws, 1975
Volume 716, Page 2023   View pdf image
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MARVIN MANDEL, Governor

2023

57. ACCEPTANCE OF DRAFTS; PERSONAL PROPERTY; ISSUANCE OF
BILLS.

(A) ACCEPTANCE OF DRAFTS.

(1) A TRUST COMPANY MAY ACCEPT FOR PAYMENT AT
A LATER DATE ANY DRAFT WHICH:

(I)    DOES NOT HAVE MORE THAN SIX MONTHS TO
RUN;

(II)   RESULTS FROM A TRANSACTION INVOLVING
IMPORTATION, EXPORTATION, OR DOMESTIC SHIPMENT OF GOODS;
AND

(III) WHEN ACCEPTED, HAS ATTACHED A SHIPPING
DOCUMENT WHICH CONVEYS OR SECURES TITLE OR, FOR READILY
MARKETABLE STAPLES, IS SECURED BY A WAREHOUSE RECEIPT 01
OTHER DOCUMENT WHICH CONVEYS OR SECURES TITLE.

(2) A TRUST COMPANY MAY ACCEPT DRAFTS DRAWN
ON IT BY A BANK OR BANKER IN ANY FOREIGN COUNTRY,
DEPENDENCY, OR INSULAR POSSESSION OF THE UNITED STATES TO
PROVIDE DOLLAR EXCHANGE REQUIRED BY THE USAGE OF TRADE IN
THE COUNTRY, DEPENDENCY, OR INSULAR POSSESSION, IF THE
DRAFT:

(I)   DOES NOT HAVE MORE THAN THREE MONTHS TO
RUN;

(II)   IS ACCOMPANIED BY DOCUMENTS WHICH CONVEY
OR SECURE TITLE OR BY OTHER ADEQUATE SECURITY IF THE
DRAFT PROVIDES DOLLAR EXCHANGE TO ANY BANK OR BANKER IN
AN AGGREGATE AMOUNT WHICH EXCEEDS 10 PERCENT OF THE PAID
UP AND UNIMPAIRED CAPITAL AND SURPLUS OF THE ACCEPTING
TRUST COMPANY; AND

(III)  DOES NOT PROVIDE DOLLAR EXCHANGE IN AN
AMOUNT WHICH EXCEEDS AT ANY TIME 50 PERCENT OF THE
AGGREGATE AMOUNT OF THE PAID UP AND UNIMPAIRED CAPITAL
AND SURPLUS OF THE ACCEPTING TRUST COMPANY.

(B) OWNING AND LEASING PERSONAL PROPERTY.

SUBJECT TO THE RULES AND REGULATIONS OF THE
COMMISSIONER, A TRUST COMPANY MAY BECOME THE OWNER AND
LESSOR OF PERSONAL PROPERTY, OTHER THAN A LEASEHOLD
INTEREST IN REAL ESTATE, IF:

(1) THE PROPERTY IS ACQUIRED ON THE SPECIFIC
REQUEST OF AND FOR THE USE OF A CUSTOMER;

(2) THE PROPERTY ACQUIRED FOR ANY ONE
CUSTOMER DOES NOT EXCEED IN THE AGGREGATE 10 PERCENT OF

 

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Session Laws, 1975
Volume 716, Page 2023   View pdf image
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