§ 9-107 — Control of letter-of-credit right

Illinois § 9-107

• Jurisdiction: Illinois
• Topic: BUSINESS AND EMPLOYMENT
• Ch. 810: COMMERCIAL CODE
• Act 810 ILCS 5/: Uniform Commercial Code.
• Art.: Subpart 1 - Short Title, Definitions, And General Concepts

Text

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 5-114(c) or otherwise applicable law or practice.

Legislative History

(Source: P.A. 91-893, eff. 7-1-01.)