To Constitute a True Letter of Credit Transaction, the Bank's

question 31

True/False

To constitute a true letter of credit transaction, the bank's L/C must contain a specified expiration date or a definite maturity.

---

Definitions:

Public Agency

A government organization that provides services to the public, often within a specific governmental sector or field.

Local Tax Revenues

Money collected by local governments through various forms of taxation, used to fund public services and infrastructure.

Federal Tax Revenues

Income collected by the government through the imposition of taxes on individuals and businesses at the national level.

State Tax Revenues

The income collected by state governments from taxes, which can include sales taxes, income taxes, and other forms of taxation.