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 5-114(c) or otherwise applicable law or practice.
Structure Delaware Code
Article 9. Secured Transactions
§ 9-102. Definitions and index of definitions.
§ 9-103. Purchase-money security interest; application of payments; burden of establishing.
§ 9-104. Control of deposit account.
§ 9-105. Control of electronic chattel paper.
§ 9-106. Control of investment property.
§ 9-107. Control of letter-of-credit right.
§ 9-108. Sufficiency of description.