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 G.S. 25-5-114(c) or otherwise applicable law or practice.
N.C. Gen. Stat. § 25-9-107
Control of letter-of-credit right
Known as the Uniform Commercial Code
The act spans §§ 25–25 (616 sections).
Applied in 1 court decision — leading case 156 N.C. App. 378 - First-Citizens Bank & Trust Co. v. Four Oaks Bank & Trust Co. (2003)
Most recently applied in 156 N.C. App. 378 - First-Citizens Bank & Trust Co. v. Four Oaks Bank & Trust Co. (March 2003)
1965, c. 700, s. 1; 1975, c. 862, s. 7; 1993, c. 370, s. 1; 2000-169, s. 1.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.