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 (c) of Code Section 11-5-114 or otherwise applicable law or practice.
O.C.G.A. § 11-9-107
Control of letter of credit right
Applied in 2 court decisions — leading case Franklin v. ITT Financial Services (In Re Franklin) (1986)
Most recently applied in In Re Carter (March 1993)
Code 1981, § 11-9-107, enacted by Ga
Current official text: Official Code of Georgia Annotated (LexisNexis). Digitized from the Internet Archive scan of the OCGA. Reproduced from public-domain Georgia statutes; confirm against the official source for the current text. Not legal advice.