2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 3-604 - Acceptance of drafts
§3-604.
(a) A commercial bank may accept for payment at a later date a draft issued in connection with a transaction that involves the importation, exportation, or domestic shipment of goods, if the draft:
(1) Is payable not more than 6 months after the date of acceptance; and
(2) When accepted, is accompanied by a document of title.
(b) A commercial bank may accept a draft that a bank or banker in any foreign country or any possession or territory of the United States draws on the commercial bank to provide dollar exchange required by trade usage in the foreign country, possession, or territory if:
(1) The draft is payable not more than 3 months after the date of acceptance;
(2) The amount of the exchange does not exceed 50 percent of the unimpaired capital and surplus of the commercial bank; and
(3) For any exchange that exceeds 10 percent of the unimpaired capital and surplus of the commercial bank, the draft is accompanied by a document of title or other adequate security.
Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
