N.Y. Uniform Commercial Code Law Section 9-107
Control of Letter-of-credit Right

Section 9--107. Control of Letter-of-credit Right. 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 Section 5--114(c) or otherwise applicable law or practice.

Source: Section 9-107 — Control of Letter-of-credit Right, https://www.­nysenate.­gov/legislation/laws/UCC/9-107 (updated Sep. 22, 2014; accessed Jun. 21, 2025).

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Verified:
Jun. 21, 2025

Last modified:
Sep. 22, 2014

§ 9-107. Control of Letter-of-credit Right's source at nysenate​.gov

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