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 75-5-114(c) or otherwise applicable law or practice.
Miss. Code Ann. § 75-9-107
Control of letter-of-credit right
Applied in 1 court decision — leading case In Re Shaw (1996)
Most recently applied in In Re Shaw (May 1996)
Former 1972 Code § 75-9-107 [Codes, 1942, § 41A:9-107; Laws, 1966, ch. 316, § 9-107] is now found in comparable provisions enacted at § 75-9-102 by Laws, 2001, ch. 495, § 1
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.