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 5-114(c) or otherwise applicable law or practice.
Del. Code tit. 6, §§ 9-107
Control of letter-of-credit right
Known as the Uniform Commercial Code
The act spans §§ 6–6 (106 sections).
72 Del
Official source: Delaware Code Online. Reproduced from public-domain Delaware statutes; confirm against the official source for the current text. Not legal advice.