Title 70A Chapter 9a Section 107

Uniform Commercial Code
Uniform Commercial Code - Secured Transactions
Section 107
Control of letter-of-credit right.

            

70A-9a-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 Subsection 70A-5-114(3) or otherwise applicable law or practice.


Enacted by Chapter 252, 2000 General Session