                                 CODE OF VIRGINIA

CONTROL OF LETTER-OF-CREDIT RIGHT (§ 8.9A-107)

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.

HISTORY: 2000, c. 1007.