31 C.F.R. Â§ 224.6 - Sample Power of Attorney. A surety appointing an individual as its process agent, pursuant to 31 U.S.C. Â§ 9306 and 31 C.F.R. Part 224, may use the following language to meet applicable power of attorney requirements. While use of this sample language is not required, any power of attorney filed should use substantially the same terms:
A letter of credit is a liability for the bank because it is an obligation to pay out money. On the other hand, a bank bond is essentially an insurance product, so it counts as an asset: If everything goes smoothly, the bank keeps its fee and does not need to pay the bondholder.
A bank draft is a guaranteed form of payment that makes the payment much more likely to go through. Available funds: standard checks can take several business days to move through the banking system. Receiving a check doesnât mean you actually receive funds (and can withdraw the funds). 1  Bank drafts will generally be available in the recipientâs account within one business day, and itâs unlikely that the bank will reverse the deposit a few days or weeks later.