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 subdivision (c) of Section 5114 or otherwise applicable law or practice.
Cal. Com. Code § 9107
General Provisions
Known as the Uniform Commercial Code
The act spans §§ 1101 to 12107 (623 sections).
Repealed and added by Stats. 1999, Ch. 991, Sec. 35
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.