§ 6A-9-107 - Control of letter-of-credit. - Rhode Island Statutes

SECTION 6A-9-107

   § 6A-9-107  Control of letter-of-credit.– A secured party has control of a letter-of-credit right to the extent of anyright to payment or performance by the issuer or any nominated person if theissuer or nominated person has consented to an assignment of proceeds of theletter of credit under § 6A-5-114(c) or otherwise applicable law orpractice.