Virginia Decodedhttps://vacode.org586908.9A-107Control of letter-of-credit right20258.9A-2038.9A-2078.9A-2088.9A-3148.9A-3298.9A-601Commercial Code — Secured TransactionsGeneral ProvisionsShort Title, Definitions and General Concepts

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.