Section 45.29.107. Control of letter-of-credit right.

Latest version.

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 a nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under AS 45.05.114(c) or otherwise applicable law or practice.

Authorities

45.29.208;45.29.329

Notes

References

AS 45.29.208 Additional duties of secured party having control of collateral.
AS 45.29.329 Priority of security interests in letter-of-credit right.

History

(Sec. 1 ch 113 SLA 2000)

                    
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