Md. Code, Com. § 9-107
Current with changes from the 2024 legislative session from Chs. 2 through 1049, effective on or before 6/1/2024
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 § 5-114(c) of this article or otherwise applicable law or practice.
Md. Code, CL § 9-107