Statute · New York Uniform Commercial Code
N.Y. U.C.C. Law § 9-107 — Control of Letter-of-credit Right
N.Y. U.C.C. Law § 9-107
- Type
- Statute
- Source
- New York Uniform Commercial Code
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
Section 9--107. Control of Letter-of-credit Right.
Citator
N.Y. U.C.C. Law § 9-107 — Control of Letter-of-credit Right is in force in the current edition of the Code, and nothing recorded condemns it.
Section 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.