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 subsection 3 of NRS 104.5114 or otherwise applicable law or practice.
NRS 104.9107
Control of letter-of-credit right
Known as the Uniform Commercial Code
The act spans §§ 104–104 (489 sections).
(Added to NRS by 1999, 293)
Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.