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 Code Section 11-5-114 or otherwise applicable law or practice.
History. Code 1981, § 11-9-107 , enacted by Ga. L. 2001, p. 362, § 1.
Structure Georgia Code
Article 9 - Secured Transactions
Subpart 1 - Short Title, Definitions, and General Concepts
§ 11-9-102. Definitions and Index of Definitions
§ 11-9-103. Purchase Money Security Interest; Application of Payments; Burden of Establishing
§ 11-9-104. Control of Deposit Account
§ 11-9-105. Control of Electronic Chattel Paper
§ 11-9-106. Control of Investment Property