Current as of January 01, 2021 | Updated by FindLaw Staff
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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.
Cite this article: FindLaw.com - New York Consolidated Laws, Uniform Commercial Code - UCC § 9-107. Control of Letter-of-credit Right - last updated January 01, 2021 | https://codes.findlaw.com/ny/uniform-commercial-code/ucc-sect-9-107.html
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