California § 53651.6 - To be an eligible security under subdivision (p) of Section 53651, a letter of cr
Full text of California Public Contract Code - PCC § 53651.6 — To be an eligible security under subdivision (p) of Section 53651, a letter of cr, with citation guidance and answers to common questions.
§ 53651.6. To be an eligible security under subdivision (p) of Section 53651, a letter of cr
(a) To be an eligible security under subdivision (p) of Section 53651, a letter of credit shall be in such form and shall contain such provisions as the administrator may prescribe, and shall include all of the following terms: (1) The administrator shall be the beneficiary of the letter of credit. (2) The letter of credit shall be clean and irrevocable and shall provide that the administrator may draw upon it up to the total amount in the event of the failure of the depository savings association or federal association or if the depository savings association or federal association refuses to permit the withdrawal of funds by a treasurer.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 53651.6
What does Public Contract Code - PCC § 53651.6 cover?
Section 53651.6 ("To be an eligible security under subdivision (p) of Section 53651, a letter of cr") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite California § 53651.6?
A common citation format is "Public Contract Code - PCC § 53651.6" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of California law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.
How does California § 53651.6 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in California.