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 5.114(c) or otherwise applicable law or practice.
Tex. Bus. & Com. Code § 9.107
CONTROL OF LETTER-OF-CREDIT RIGHT
Known as the Uniform Commercial Code
The act spans §§ 1–12 (616 sections).
Applied in 1 court decision — leading case Ford Motor Credit Co. v. Dale (2009)
Most recently applied in Ford Motor Credit Co. v. Dale (September 2009)
Amended by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.