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.

HISTORY: 1962 Section 10.9-107; 1966 (54) 2716; 1988 Act No. 494, Section 5; 2001 Act No. 67, Section 12. "Issuer" Section 36-5-103(1)(c) "Letter of Credit" Section 36-5-103(1)(a) "Letter-of-Credit Right" Section 36-9-102(a)(51) "Nominated person" See [Section 36-5-102(a)(22) 1995 Revision] "Proceeds of Letter of Credit" See Section 36-5-116