Cal. COM § 9107
This is the official text of Cal. COM § 9107, part of California’s Commercial Code — california's version of the Uniform Commercial Code, governing sales, negotiable instruments, and secured transactions.
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Official statutory text
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 subdivision (c) of Section 5114 or otherwise applicable law or practice.
Status: in_force · Read it on the official government site
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