Montana Code Annotated 2023

TITLE 30. TRADE AND COMMERCE

CHAPTER 9A. UNIFORM COMMERCIAL CODE SECURED TRANSACTIONS

Part 1. General Provisions

Control Of Letter-Of-Credit Right

30-9A-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 of any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under 30-5-134(3) or otherwise applicable law or practice.

History: En. Sec. 6, Ch. 305, L. 1999; Sec. 30-9-127, MCA 1999; redes. 30-9A-107 by Code Commissioner, 2001.