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 70A-5-114(3) or otherwise applicable law or practice.
Utah Code § 70A-9a-107
Control of letter-of-credit right
Known as the Uniform Commercial Code
The act spans §§ 70A-12-101 to 70A-9a-904 (293 sections).
Enacted by Chapter 252, 2000 General Session
Official source: Utah State Legislature. Reproduced from public-domain Utah statutes; confirm against the official source for the current text. Not legal advice.