Tex. Business & Commerce Code § 9.107
This is the official text of Tex. Business & Commerce Code § 9.107, part of Texas’s Business & Commerce Code — governs commercial transactions and general business practices.
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§ 9.107. CONTROL OF LETTER-OF-CREDIT RIGHT.
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 Section 5.114(c) or otherwise applicable law or practice.
Status: in_force · Read it on the official government site
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