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 ยง 5-114(c) of this article or otherwise applicable law or practice.
Structure Maryland Statutes
Title 9 - Secured Transactions
Subtitle 1 - General Provisions
Section 9-102 - Definitions and Index of Definitions
Section 9-103 - Purchase-Money Security Interest; Application of Payments; Burden of Establishing
Section 9-104 - Control of Deposit Account
Section 9-105 - Control of Electronic Chattel Paper
Section 9-106 - Control of Investment Property
Section 9-107 - Control of Letter-of-Credit Right
Section 9-108 - Sufficiency of Description
Section 9-110 - Security Interests Arising Under Title 2 or 2a