Section 9--107. Control of Letter-of-credit Right.\n A secured party has control of a letter-of-credit right to the extent\nof any right to payment or performance by the issuer or any nominated\nperson if the issuer or nominated person has consented to an assignment\nof proceeds of the letter of credit under Section 5--114(c) or otherwise\napplicable law or practice.\n
N.Y. U.C.C. 9-107
Control of Letter-of-credit Right
Known as the Uniform Commercial Code
The act spans §§ 1–12 (253 sections).
2014-09-22
Official source: NYS Open Legislation (New York State Senate). Reproduced from public-domain New York statutes; confirm against the official source for the current text. Not legal advice.