Form AD-26 Farm Products Dealer Irrevocable Letter of Credit - New York

What Is Form AD-26?

This is a legal form that was released by the New York State Department of Agriculture and Markets - a government authority operating within New York. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form AD-26?A: Form AD-26 is the Farm Products Dealer Irrevocable Letter of Credit specifically used in the state of New York.

Q: What is a Farm Products Dealer Irrevocable Letter of Credit?A: A Farm Products Dealer Irrevocable Letter of Credit is a financial instrument used to guarantee payment to suppliers of agricultural products by a licensed dealer.

Q: Who uses Form AD-26?A: Farm products dealers in the state of New York use Form AD-26 for obtaining the required letter of credit.

Q: What is the purpose of Form AD-26?A: The purpose of Form AD-26 is to provide a guarantee of payment to suppliers of agricultural products by farm products dealers in New York.

Q: Is Form AD-26 applicable in other states?A: No, Form AD-26 is specifically used in the state of New York for farm products dealers.

Q: What information is required in Form AD-26?A: Form AD-26 requires information such as the name and address of the farm products dealer, the issuing bank, the amount of the letter of credit, and the expiration date.

Q: Is Form AD-26 legally binding?A: Yes, Form AD-26 is a legally binding document that establishes the terms and conditions of the irrevocable letter of credit.

Q: What happens if a farm products dealer fails to honor the letter of credit?A: If a farm products dealer fails to honor the letter of credit, the supplier can make a claim against the letter of credit and seek payment from the issuing bank.

Q: Can Form AD-26 be modified or altered?A: No, Form AD-26 should not be modified or altered. Any changes should be made by the relevant authorities or according to the instructions provided by the New York State Department of Agriculture and Markets.