Arizona Revised Statutes

Ariz. Rev. Stat. § 47-9107 (2026)

Control of letter-of-credit right

✓ current as of May 2026

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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 47-5114, subsection C or otherwise applicable law or practice.

Notes of Decisions

Cited in 2 cases, 1990–1996 · leading case: Cely v. Deconcini, McDonald, Brammer, Yetwin & Lacy, P.C., 803 P.2d 911 (Ariz. Ct. App. 1990).

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Cely v. Deconcini, McDonald, Brammer, Yetwin & Lacy, P.C., 803 P.2d 911 (Ariz. Ct. App. 1990). · cites it 2× “A.R.S. § 47-9107(1) (1988) provides that a security interest is a “purchase money security interest” to the extent that it is “[tjaken or retained by the seller of the collateral to secure all or part of its price.”

Elf Atochem North Am., Inc. v. Celco, Inc., 927 P.2d 355 (Ariz. Ct. App. 1996). “Next, section 47-9107 defines a “purchase money security interest,” in part, as one that is “[tjaken or retained by the seller of the collateral to secure all or part of its price.”

— Ariz. Rev. Stat. § 47-9107(1) — 1 case

Cely v. Deconcini, McDonald, Brammer, Yetwin & Lacy, P.C., 803 P.2d 911 (Ariz. Ct. App. 1990). “A.R.S. § 47-9107(1) (1988) provides that a security interest is a “purchase money security interest” to the extent that it is “[tjaken or retained by the seller of the collateral to secure all or part of its price.”

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