As Amended
SEC. 75-9-107. Control of letter-of-credit right [Effective January 1, 2002].
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 75-5-114(c) or otherwise applicable law or practice.
SOURCES: Former 1972 Code § 75-9-107 [Codes, 1942, § 41A:9-107; Laws, 1966, ch. 316, § 9-107] is now found in comparable provisions enacted at § 75-9-102 by Laws, 2001, ch. 495, § 1. Present § 75-9-107 derived from 1972 Code § 75-8-106 [Laws, 1996, ch. 468, § 7] and was enacted by Laws, 2001, ch. 495, § 1, HB 1311, eff from and after January 1, 2002.
PREVIOUS VERSIONS: Pre-2001