11 §9-1107. Control of letter-of-credit right - Maine Statutes

Title 11: UNIFORM COMMERCIAL CODE

Article 9-A: TRANSACTIONS HEADING: PL 1999, C. 699, PT. A, §2 (NEW)

Part 1: GENERAL PROVISIONS HEADING: PL 1999, C. 699, PT. A, §2 (NEW)

Subpart 1: SHORT TITLE, DEFINITIONS AND GENERAL CONCEPTS HEADING: PL 1999, C. 699, PT. A, §2 (NEW)

§9-1107. 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 section 5-1114, subsection (3) or other applicable law or practice. [2003, c. 510, Pt. A, §5 (AMD).]

SECTION HISTORY

1999, c. 699, §A2 (NEW). 1999, c. 699, §A4 (AFF). 2003, c. 510, §A5 (AMD).