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You are mixing apples and golf balls. The 72 hours which used to be (and no longer is) the deadline for a bank's handling of a check is inapplicable to legal tender and to the creditor's acceptance of anything other than legal tender.
Negotiable instruments are not, themselves, legal tender. They are used to obtain legal tender. Calling something a letter of credit doesn't make it a valid one. Coming from a source with insufficient funds, it is no better than a bouncing check, and creates more problems instead of solving any.
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