§ 9107 — Control of letter-of-credit right

Pennsylvania § 9107

• Jurisdiction: Pennsylvania
• Title 13: COMMERCIAL CODE
• Ch. 91: GENERAL PROVISIONS
• Subch.: 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 5114(c) (relating to recognition of assignment of proceeds) or otherwise applicable law or practice.

Legislative History

Cross References.Section 9107 is referred to in sections 9203, 9207, 9208, 9314, 9329, 9601 of this title.