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 7-5-114(c) or otherwise applicable law or practice.
Structure Code of Alabama
Article 9A - Secured Transactions.
Part 1 - Secured Transactions.
Division 1 - Short Title, Definitions, and General Concepts.
Section 7-9A-102 - Definitions and Index of Definitions.
Section 7-9A-101 - Short Title.
Section 7-9A-104 - Control of Deposit Account.
Section 7-9A-105 - Control of Electronic Chattel Paper.
Section 7-9A-106 - Control of Investment Property.