Fillable WISCONSIN MOTOR VEHICLE DEALER IRREVOCABLE LETTER OF CREDIT (Wisconsin)

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WISCONSIN MOTOR VEHICLE DEALER IRREVOCABLE LETTER OF CREDIT (Wisconsin)

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WISCONSIN MOTOR VEHICLE DEALER – IRREVOCABLE LETTER OF CREDIT
Wisconsin Department of Transportation
MV1046 3/2018
Number:
Beginning Date:
Ending Date:
Issuing Financial Institution Name:
Issuing Financial Institution Address:
Face Amount:
U.S. Dollars $
(write out in words)
To: Wisconsin Department of Transportation
Dealer and Agent Section
4822 Madison Yards Way
P.O. Box 7909
Madison, WI 53707-7909
We hereby establish our irrevocable letter of credit in the department’s favor available by its draft drawn on the issuing
bank named above and at sight for any sum or sums not exceeding in total the face amount of this letter of credit for the
account of:
(dealer name and address)
Drafts presented for payment under the terms of this letter of credit shall be accompanied by a written statement to the
department stating that the dealer named above has, under Chapter 218, Wis. Stats., an allowable and timely claim
against it according to Trans 140, Wis. Adm Code and Chapter 218, Wis. Stats. All drafts must be marked:
“Drawn under letter of Credit of
Number:
Dated:
.”
(issuing financial institution)
Not withstanding any other provision of this letter of credit, the face amount of this letter of credit shall apply separately to
each year during which it is effective so that the full face amount shall be entirely available “for the benefit of any
aggrieved parties” during each year this letter of credit is effective. Therefore, a liability incurred under this letter of credit
in one year shall not reduce the sum available to less than the face amount for the next one-year period during which this
letter of credit is effective.
Drafts drawn under and in compliance with the terms of this letter of credit shall be duly and immediately honored and
may be presented after the ending date of this letter of credit provided the claim was filed within three years of the last day
of that one year period covered by this letter of credit. Payment shall be made to the department regardless of any
financial condition of the dealer including the filing of bankruptcy. Applicable provisions of Chapter 405, Wis. Stats., shall
apply to this letter of credit unless such provision is inconsistent with a provision of this letter of credit in which case the
provisions of this letter of credit shall control.
Signed this
day of
, 20
(Issuing Financial Institution)
By:
(Officer and Title)
Subscribed and sworn before me this
day of
Notary Public
My Commission expires
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WISCONSIN MOTOR VEHICLE DEALER IRREVOCABLE LETTER OF CREDIT (Wisconsin)

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Completed 12 August 2020

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