§9-1107. Control of letter-of-credit right
63 words·~1 min read·
/me/title-11-uniform-commercial-code/9-1107A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under section 5‑1114, subsection
(3)or other applicable law or practice. [PL 2003, c. 510, Pt. A, §5 (AMD).]