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Texas Business & Commerce Code

§ 9.107 — CONTROL OF LETTER-OF-CREDIT RIGHT

BC § 9.107Title 1. UNIFORM COMMERCIAL CODE · Ch. 9. SECURED TRANSACTIONS · Art. A. SHORT TITLE, DEFINITIONS, AND GENERAL CONCEPTS

Statute text

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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.

Legislative history

Amended by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.

Source: Texas Business & Commerce Code § 9.107 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.