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 subsection (c) of § 8.5A-114 or otherwise applicable law or practice.
2000, c. 1007.
Structure Code of Virginia
Title 8.9A - Commercial Code - Secured Transactions
Part 1 - Short Title, Definitions and General Concepts
§ 8.9A-102. Definitions and index of definitions
§ 8.9A-103. Purchase-money security interest; application of payments; burden of establishing
§ 8.9A-104. Control of deposit account
§ 8.9A-105. Control of electronic chattel paper
§ 8.9A-106. Control of investment property