Maine Revised Statutes Title 11 Sec. 9-1107 – Control of letter-of-credit right
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Terms Used In Maine Revised Statutes Title 11 Sec. 9-1107
- Letter-of-credit right: means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. See Maine Revised Statutes Title 11 Sec. 9-1102
- Proceeds: means the following property:
(a). See Maine Revised Statutes Title 11 Sec. 9-1102Secured party: means :
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 5-1114, subsection (3) or other applicable law or practice. [PL 2003, c. 510, Pt. A, §5 (AMD).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF). PL 2003, c. 510, §A5 (AMD).