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 K.S.A. 84-5-114 (a)*, and amendments thereto or otherwise applicable law or practice.
K.S.A. 84-9-107
Control of letter-of-credit right
L. 2000, ch. 142, § 7; July 1, 2001.
Official source: Kansas Office of Revisor of Statutes. Reproduced from public-domain Kansas statutes; confirm against the official source for the current text. Not legal advice.