New York Laws
Sub Part 1 - Short Title, Definitions, and General Concepts
9-107 - Control of Letter-of-Credit Right

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 New York Laws