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 7-5-114(c) or otherwise applicable law or practice.
Ala. Code § 7-9A-107
Control of Letter-of-Credit Right.
Known as the Uniform Commercial Code
The act spans §§ 7-10-101 to 7-9A-809 (703 sections).
(Act 2001-481, p. 647, §1.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.