Oregon Statutes 79.0107 – UCC 9-107. Control of letter-of-credit right
Current as of: 2023 | Check for updates
|
Other versions
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 ORS § 75.1140 (3) or otherwise applicable law or practice. [2001 c.445 § 7]
Terms Used In Oregon Statutes 79.0107
- 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 Oregon Statutes 79.0102
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100