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New Jersey Statutes - Title 12A Commercial Transactions - 12A:9-107 Control of letter-of-credit right

Legal Research Home > New Jersey Laws > Commercial Transactions > New Jersey Statutes - Title 12A Commercial Transactions - 12A:9-107 Control of letter-of-credit right

12A:9-107. Control of letter-of-credit right
12A: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 12A:5-114 c. or otherwise applicable law or practice.

L.2001, c.117, s.1.

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Last modified: February 13, 2012