N.Y. Uniform Commercial Code Law § 9-107: Control of Letter-of-credit Right

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.