Sec. 9107.
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 5114(3) or otherwise applicable law or practice.
History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2000, Act 348, Eff. July 1, 2001
Structure Michigan Compiled Laws
Chapter 440 - Uniform Commercial Code
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
Article 9 - Secured Transactions (440.9101...440.9994)
174-1962-9-1 - Part 1 General Provisions (440.9101...440.9116)
174-1962-9-1-1. - Subpart 1. Short Title, Definitions, and General Concepts (440.9101...440.9108)
Section 440.9101 - Uniform Commercial Code—secured Transactions; Short Title.
Section 440.9102 - Definitions and Index of Definitions.
Section 440.9104 - Control of Deposit Account.
Section 440.9105 - Control of Electronic Chattel Paper.
Section 440.9106 - Control of Investment Property.