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 division (C) of section 1305.13 of the Revised Code or otherwise applicable law or practice.

Terms Used In Ohio Code 1309.107

  • 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 Ohio Code 1309.102
  • Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
  • Secured party: means :

    (a) A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding;

    (b) A person that holds an agricultural lien;

    (c) A consignor;

    (d) A person to whom accounts, chattel paper, payment intangibles, or promissory notes have been sold;

    (e) A trustee, indenture trustee, agent, collateral agent, or other representative in whose favor a security interest or agricultural lien is created or provided for; or

    (f) A person who holds a security interest arising under section 1302. See Ohio Code 1309.102