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 Section 36-5-114(c) or otherwise applicable law or practice.
S.C. Code Ann. § 36-9-107
Control of letter-of-credit right
Known as the Uniform Commercial Code
The act spans §§ 36–36 (519 sections).
Applied in 7 court decisions — leading case Brockbank v. Best Capital Corp. (2000)
Most recently applied in Bank of America, N.A. v. Case Credit Corp. (In re K & P Logging, Inc.) (July 2001)
1962 SECTION 10.9-107; 1966 (54) 2716; 1988 Act No. 494, SECTION 5; 2001 Act No. 67, SECTION 12.
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.