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 § 47-5-114(c) or otherwise applicable law or practice.
Tenn. Code Ann. § 47-9-107
Control of letter-of-credit right
Known as the Uniform Commercial Code
The act spans §§ 47–47 (578 sections).
Applied in 1 court decision — leading case In Re Hayes (2007)
Most recently applied in In Re Hayes (November 2007)
Acts 2000, ch. 846, § 1.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.