Texas Business and Commerce Code 9.107 – Control of Letter-of-Credit Right
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Business and Commerce Code 9.107
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
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 § 5.114(c) or otherwise applicable law or practice.