Control of letter-of-credit right
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OK Code › Title 12A › Section 12A-1-9-107
This text was captured on Aug 14, 2026. It is a snapshot, not a live feed, so check the official code before relying on it.
Text
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
(c) of Section 5-114 of this title or otherwise applicable law or
practice.
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