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 3 of section 41-05-14 or otherwise applicable law or practice.
41-09-07.1. (9-107A) Control of controllable electronic record, controllable account, or controllable payment intangible. 1. A secured party has control of a controllable electronic record as provided in section 41-12-05. 2. A secured party has control of a controllable account or controllable payment intangible if the secured party has control of the controllable electronic record that evidences the controllable account or controllable payment intangible.