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 554.5114, subsection 3, or otherwise applicable law or practice.
Iowa Code § 554.9107
Control of letter-of-credit right
Known as the Uniform Commercial Code
The act spans §§ 554–554 (631 sections).
Applied in 1 court decision — leading case In Re McAllister (2001)
Most recently applied in In Re McAllister (August 2001)
2000 Acts, ch 1149, §7, 185, 187
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.