GroundRules
Tex. Business & Commerce Code § 9.107: CONTROL OF LETTER-OF-CREDIT RIGHT.
Where this section sits in the code
- BUSINESS AND COMMERCE CODE
- TITLE 1. UNIFORM COMMERCIAL CODE
- CHAPTER 9. SECURED TRANSACTIONS
- SUBCHAPTER A. SHORT TITLE, DEFINITIONS, AND GENERAL CONCEPTS
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.
Amended by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.
Collected 2026-08-27T01:46:56Z. Source file · JSON