Louisiana Statutes
§ 10:9-107 — Control of letter-of-credit right
Louisiana·Title 10 Commercial Laws
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 R.S. 10:5-114(c) or otherwise applicable law or practice.
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Related
First Nat. Bank v. Beckwith MacHinery Co.
650 So. 2d 1148 (Supreme Court of Louisiana, 1995)
Young v. Amer Honda Fin Corp
(Fifth Circuit, 2000)
Legislative History
Acts 1988, No. 528, §1, eff. Jan. 1, 1990; Acts 1989, No. 135, §7, eff. Jan. 1, 1990; Acts 2001, No. 128, §1, eff. July 1, 2001.
Nearby Sections
15
§ 10:9-101
§ 10:9-101§ 10:9-102
Definitions and index of definitions§ 10:9-104
Control of deposit account§ 10:9-106
Control of investment property§ 10:9-107
Control of letter-of-credit right§ 10:9-107.1
Control over life insurance policy§ 10:9-107.2
Control conditioned on default§ 10:9-108
Sufficiency of description§ 10:9-109
Scope§ 10:9-201
§ 10:9-201§ 10:9-202
Title to collateral immaterial