PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 28 Control of a letter of credit
PERSONAL PROPERTY SECURITIES ACT 2009 - SECT 28
Control of a letter of credit A secured party does not have control of a right evidenced by a
letter of credit, to the extent of any right to payment or performance of an
obligation by the issuer or a nominated person, unless the issuer or nominated
person has consented to assigning the proceeds of the letter of credit to the
secured party.