9-311. Irrevocable letter of credit.
[For use with District Court Rule 5-401B NMRA,
Magistrate Court Rule 6-401B NMRA,
Metropolitan Court Rule 7-401B NMRA and
Municipal Court Rule 8-401B NMRA]
IRREVOCABLE LETTER OF CREDIT
To: ______________________________ ( judge, clerk, court administrator)
______________________________ (address)
__________________ (financial institution) hereby opens its irrevocable letter of credit in your favor by order of __________________ (bondsman).
This letter of credit is for the account of the ____________________ Court of the [State] [County of ___________________________] [City of __________________________].
The total amount of credit is $ __________________.
Drafts will be honored at ____________________________ (address) payable on sight.
This irrevocable letter of credit will expire on ____________________________ (date).
(Any specifications the financial institution may have concerning the description of the draft to be presented by the court against the letter)
__________________ (financial institution) hereby agrees with the drawers, endorsers and bona fide holders of drafts drawn under and in compliance with the terms of this irrevocable letter of credit that the letter will be duly honored upon presentation and delivery to drawee of all documents as specified.
_____________________________________
Financial institution
By ________________________________
Signature
Its ________________________________
Title
[Approved, effective September 1, 1990.]