California Commercial Code — Secured Transactions — General Provisions — Control of letter-of-credit right Date: 14 Sep 2016 TEXT PDF Current through the 2016 Legislative Session 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 subdivision (c) of Section 5114 or otherwise applicable law or practice. Ca. Com. Code § 9107 EFFECTIVE 7/01/2001. Added October 10, 1999 (Bill Number: SB 45) (Chapter 991).