La. Stat. tit. 10 § 9-107

Current with changes from the 2024 Legislative Session

Section 10:9-107 - 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 R.S. 10:5-114(c) or otherwise applicable law or practice.

La. R.S. § 10:9-107

Acts 1988, No. 528, §1, eff. 1/1/1990; Acts 1989, No. 135, §7, eff. 1/1/1990; Acts 2001, No. 128, §1, eff. 7/1/2001.