Tex. Bus. & Com. Code § 9.107
Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.
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.
Tex. Bus. and Comm. Code § 9.107