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 a nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under AS 45.05.114(c) or otherwise applicable law or practice.
Structure Alaska Statutes
Chapter 29. Secured Transactions
Article 1. General Provisions.
Sec. 45.29.103. Purchase money security interest; application of payments; burden of establishing.
Sec. 45.29.104. Control of deposit account.
Sec. 45.29.105. Control of electronic chattel paper.
Sec. 45.29.106. Control of investment property.
Sec. 45.29.107. Control of letter-of-credit right.
Sec. 45.29.108. Sufficiency of description.
Sec. 45.29.110. Security interests arising under AS 45.02 or AS 45.12.