Form 17.4 Irrevocable Standby Letter of Credit With Standby Trust Agreement - Utah

What Is Form 17.4?

This is a legal form that was released by the Utah Department of Environmental Quality - a government authority operating within Utah. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 17.4?
A: Form 17.4 is an Irrevocable Standby Letter of Credit With Standby Trust Agreement.

Q: What does it mean for a letter of credit to be irrevocable?
A: An irrevocable letter of credit cannot be canceled or changed without the consent of all parties involved.

Q: What is a standby letter of credit?
A: A standby letter of credit is a guarantee of payment issued by a bank on behalf of a client.

Q: What is a standby trust agreement?
A: A standby trust agreement is a legal document that outlines the terms and conditions of the trust established to hold funds for a standby letter of credit.

Q: Why would someone use an Irrevocable Standby Letter of Credit?
A: An irrevocable standby letter of credit can be used as a form of security or guarantee for various financial transactions.

Q: Is Form 17.4 specific to Utah?
A: Yes, Form 17.4 is specific to Utah.

Q: Who typically uses a Standby Letter of Credit?
A: Standby letters of credit are commonly used in international trade, construction projects, or other situations where a financial guarantee is required.

Q: What happens if the conditions of the standby letter of credit are not met?
A: If the conditions are not met, the beneficiary can draw upon the letter of credit and receive payment from the issuing bank.