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336.9-107 Control of letter of credit right.

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 section 336.5-114(c) or otherwise applicable law or practice.

HIST: 2000 c 399 art 1 s 7

* NOTE: This section, as added by Laws 2000, chapter 399, *article 1, section 7, is effective July 1, 2001. Laws 2000, *chapter 399, article 1, section 130.

* NOTE: Minnesota Statutes 1998, section 336.9-107, which *reads as follows, is repealed July 1, 2001. Laws 2000, chapter *399, article 1, section 130.

* "336.9-107 Definitions; "purchase money security *interest".

* A security interest is a "purchase money security interest" *to the extent that it is

* (a) taken or retained by the seller of the collateral to *secure all or part of its price; or

* (b) taken by a person who by making advances or incurring *an obligation gives value to enable the debtor to acquire rights *in or the use of collateral if such value is in fact so used."