A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer of any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under 30-5-134 (3) or otherwise applicable law or practice.
Mont. Code Ann. § 30-9A-107
Control of letter-of-credit right
Known as the Uniform Commercial Code
The act spans §§ 30–30 (713 sections).
En
Official source: Montana Code Annotated (Montana Legislature). Reproduced from public-domain Montana statutes; confirm against the official source for the current text. Not legal advice.