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 division (C) of section 1305.13 of the Revised Code or otherwise applicable law or practice.
Control of letter-of-credit right - UCC 9-107
Ohio Rev. Code Ann. § 1309.107, under Chapter 1309 | Secured Transactions.
Ohio Rev. Code Ann. § 1309.107