Control of letter-of-credit right

Checkout our iOS App for a better way to browser and research.

12A:9-107. Control of letter-of-credit right

12A:9-107. Control of Letter-of-Credit Right.

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 12A:5-114 c. or otherwise applicable law or practice.

L.2001, c.117, s.1.


Download our app to see the most-to-date content.