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Title XXVI TRADE AND COMMERCE

Chapter 400

previous next Effective - 01 Jul 2001, see footnotebottom

  400.9-107.  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 section 400.5-114(c) or otherwise applicable law or practice.

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(L. 1963 p. 503 § 9-107, A.L. 2001 S.B. 288)

Effective 7-01-01


---- end of effective   01 Jul 2001 ----

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