Virginia Law

Code of Virginia

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Code of Virginia
Title 8.9A. Commercial Code — Secured Transactions
Part 1. General Provisions
Part 1. Short Title, Definitions and General Concepts
6/3/2023

§ 8.9A-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 (c) of § 8.5A-114 or otherwise applicable law or practice.

2000, c. 1007.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.