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 RCW 62A.5-114 (c) or otherwise applicable law or practice.

Application—Savings—2012 c 214: See notes following RCW 62A.1-101.

Effective date—2001 c 32: See note following RCW 62A.9A-102.