12A:9-107. Control of letter-of-credit right
12A:9-107. Control of Letter-of-Credit Right.
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 12A:5-114 c. or otherwise applicable law or practice.
L.2001, c.117, s.1.
This is the verbatim text of N.J.S.A. 12A:9-107, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. KyzerLex is not a law firm and this page is not legal advice.