31 CFR 515.406
§ 515.406 Drafts under irrevocable letters of credit; documentary drafts.
United States · 31 CFR — Money and Finance: Treasury · Status: effective
Cite this
- Citation
- 31 CFR 515.406, § 515.406 Drafts under irrevocable letters of credit; documentary drafts, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/140990
- Permanent ID
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Full text
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.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.