Louisiana Revised Statutes 10:9-107 – Control of letter-of-credit right
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Terms Used In Louisiana Revised Statutes 10:9-107
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
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 La. Rev. Stat. 10:5-114(c) or otherwise applicable law or practice.
Acts 1988, No. 528, §1, eff. Jan. 1, 1990; Acts 1989, No. 135, §7, eff. Jan. 1, 1990; Acts 2001, No. 128, §1, eff. July 1, 2001.