Commonwealth Consolidated Acts

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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.


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