2006 New York Code - 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.