(810 ILCS 5/9-107)
(from Ch. 26, par. 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
issuer or any nominated person if the issuer or nominated person has consented
an assignment of proceeds of the letter of credit under Section 5-114(c) or
otherwise applicable law or practice.
(Source: P.A. 91-893, eff. 7-1-01.)