Control of letter-of-credit right
Known as the Uniform Commercial Code
The act spans §§ 12A:1-101 to 12A:9-809 (506 sections).
L.2001, c.117, s.1.
Control of Letter-of-Credit Right.
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 12A:5-114 c. or otherwise applicable law or practice.
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.