Minn. R. Part 8275.0100 - RECOVERY AGAINST SUITABLE GUARANTY
To recover a qualified right to payment against a surety or issuer of an irrevocable letter of credit as a suitable guaranty according to Minnesota Statutes, section 325K.18, the claimant shall file with the surety or issuer of an irrevocable letter of credit a certified copy of the judgment on which the qualified right to payment is based.
If the suitable guaranty is a policy of insurance, the party who claims to have suffered damage must follow the claim process outlined in the policy.
Notes
Statutory Authority: MS s 325K.01; 325K.03; 325K.04; 325K.05; 325K.06; 325K.07
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