8.9A-107 - A-107. Control of letter-of-credit right. - Virginia Statutes

§ 8.9A-107. Control of letter-of-credit right.

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 subsection (c) of § 8.5A-114 or otherwise applicablelaw or practice.

(2000, c. 1007.)