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2011 Vermont Code
Title 09A Uniform Commercial Code
Article 9 Secured Transactions
§ 107 Control of letter-of-credit right


9A VT Stats § 9-107. (2011 through Adj Sess) What's This?

§ 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. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)

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