# N.D. Cent. Code § 41-09-07: 41-09-07. (9-107) Control of letter-of-credit right

> North Dakota · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_ND_T41_C41-09_S41-09-07

## Section

- **Citation:** N.D. Cent. Code § 41-09-07
- **Heading:** 41-09-07. (9-107) Control of letter-of-credit right
- **Jurisdiction:** North Dakota
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** ND Code / Title 41 / Chapter 41-09 / Section 41-09-07

## Text

41-09-07. (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 subsection 3 of section

41-05-14 or otherwise applicable law or practice.

## Nearby sections

- [N.D. Cent. Code § 41-09-01 41-09-01. (9-101) Short title](https://www.frixlaw.com/law-library/statutes/STATE_ND_T41_C41-09_S41-09-01.md)
- [N.D. Cent. Code § 41-09-02 41-09-02. (9-102) Definitions and index of definitions](https://www.frixlaw.com/law-library/statutes/STATE_ND_T41_C41-09_S41-09-02.md)
- [N.D. Cent. Code § 41-09-03 41-09-03. (9-103) Purchase-money security interest - Application of payments - Burden of establishing](https://www.frixlaw.com/law-library/statutes/STATE_ND_T41_C41-09_S41-09-03.md)
- [N.D. Cent. Code § 41-09-04 41-09-04. (9-104) Control of deposit account or uncertificated certificate of deposit](https://www.frixlaw.com/law-library/statutes/STATE_ND_T41_C41-09_S41-09-04.md)
- [N.D. Cent. Code § 41-09-05 41-09-05. (9-105) Control of electronic copy of record evidencing chattel paper](https://www.frixlaw.com/law-library/statutes/STATE_ND_T41_C41-09_S41-09-05.md)
- [N.D. Cent. Code § 41-09-05.1 41-09-05.1. (9-105A) Control of electronic money](https://www.frixlaw.com/law-library/statutes/STATE_ND_T41_C41-09_S41-09-05.1.md)
- [N.D. Cent. Code § 41-09-06 41-09-06. (9-106) Control of investment property](https://www.frixlaw.com/law-library/statutes/STATE_ND_T41_C41-09_S41-09-06.md)
- [N.D. Cent. Code § 41-09-07 41-09-07. (9-107) Control of letter-of-credit right](https://www.frixlaw.com/law-library/statutes/STATE_ND_T41_C41-09_S41-09-07.md)
- [N.D. Cent. Code § 41-09-07.1 41-09-07.1. (9-107A) Control of controllable electronic record, controllable account, or controllable payment intangible](https://www.frixlaw.com/law-library/statutes/STATE_ND_T41_C41-09_S41-09-07.1.md)
- [N.D. Cent. Code § 41-09-07.2 41-09-07.2. (9-107B) No requirement to acknowledge or confirm - No duties](https://www.frixlaw.com/law-library/statutes/STATE_ND_T41_C41-09_S41-09-07.2.md)
- [N.D. Cent. Code § 41-09-08 41-09-08. (9-108) Sufficiency of description](https://www.frixlaw.com/law-library/statutes/STATE_ND_T41_C41-09_S41-09-08.md)
- [N.D. Cent. Code § 41-09-09 41-09-09. (9-109) Scope](https://www.frixlaw.com/law-library/statutes/STATE_ND_T41_C41-09_S41-09-09.md)
- [N.D. Cent. Code § 41-09-10 41-09-10. (9-110) Security interests arising under chapter 41-02 or 41-02.1](https://www.frixlaw.com/law-library/statutes/STATE_ND_T41_C41-09_S41-09-10.md)
- [N.D. Cent. Code § 41-09-11 41-09-11. (9-201) General effectiveness of security agreement](https://www.frixlaw.com/law-library/statutes/STATE_ND_T41_C41-09_S41-09-11.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_ND_T41_C41-09_S41-09-07. Check the current official text before relying on it. Not legal advice.