§ 25-9-107. Control of letter-of-credit right. - North Carolina Statutes

§25‑9‑107.  Control of letter‑of‑credit right.

A secured party has control ofa letter‑of‑credit right to the extent of any right to payment orperformance by the issuer or any nominated person if the issuer or nominatedperson has consented to an assignment of proceeds of the letter of credit underG.S. 25‑5‑114(c) or otherwise applicable law or practice. (1965,c. 700, s. 1; 1975, c. 862, s. 7; 1993, c. 370, s. 1; 2000‑169, s. 1.)