Rhode Island General Laws 6A-9-107. Control of letter-of-credit
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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 § 6A-5-114(c) or otherwise applicable law or practice.
History of Section.
P.L. 2000, ch. 182, § 6; P.L. 2000, ch. 420, § 6.
Terms Used In Rhode Island General Laws 6A-9-107
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6