§ 9107. 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 5114(c) (relating to recognition of assignment of proceeds) or otherwise applicable law or practice.
Cross References. Section 9107 is referred to in sections 9203, 9207, 9208, 9314, 9329, 9601 of this title.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 91 - General Provisions
Section 9101 - Short title of division
Section 9102 - Definitions and index of definitions
Section 9103 - Purchase-money security interest; application of payments; burden of establishing
Section 9104 - Control of deposit account
Section 9105 - Control of electronic chattel paper
Section 9106 - Control of investment property
Section 9107 - Control of letter-of-credit right
Section 9108 - Sufficiency of description
Section 9110 - Security interests arising under Division 2 or 2A