Arkansas Code Annotated

Ark. Code Ann. § 4-9-107 (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 § 4-5-114(c) or otherwise applicable law or practice.

History. Acts 2001, No. 1439, § 1.

Notes of Decisions

Cited in 5 cases, 1989–2001 · leading case: Herringer v. Mercantile Bank of Jonesboro, 866 S.W.2d 390 (Ark. 1993).

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Herringer v. Mercantile Bank of Jonesboro, 866 S.W.2d 390 (Ark. 1993). · cites it 4× “The Bank’s Purchase Money Security Interest Under the Uniform Commercial Code, the bank’s interest would be classified as a PMSI under Ark. Code Ann. § 4-9-107 (1987): A security interest is a “purchase money security interest” to the extent that it is: (a) Taken or retained by…”

Womack v. Newman Fixture Co., 766 S.W.2d 949 (Ark. Ct. App. 1989). · cites it 2× “1961 ) (now Ark. Code Ann. § 4-9-107 (1987)), provides: 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…”

Womack v. Newman Fixture Co., 785 S.W.2d 226 (Ark. Ct. App. 1990). · cites it 2× “1961) (now Ark.Code Ann. § 4-9-107 (1987)), provides: 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…”

Niedermeier v. Cent. Prod. Credit Ass'n, 777 S.W.2d 210 (Ark. 1989). · cites it 5× “Furthermore, official comment 2 to § 4-9-108 refers to “purchase money security interest,” defined in Ark. Code Ann. § 4-9-107 (1987) as indicating the nature of the new value concept.”

Duke Wholesale, Inc. v. Pitchford, 56 S.W.3d 399 (Ark. Ct. App. 2001). · cites it 2× “Arkansas Code Annotated section 4-9-107(a) (Repl. 1991) provides that “a security interest is a ‘purchase money security interest’ (PMSI) to the extent that it is taken or retained by the seller of the collateral to secure all or part of its price.”

— Ark. Code Ann. § 4-9-107(a) — 1 case

Duke Wholesale, Inc. v. Pitchford, 56 S.W.3d 399 (Ark. Ct. App. 2001). “Arkansas Code Annotated section 4-9-107(a) (Repl. 1991) provides that “a security interest is a ‘purchase money security interest’ (PMSI) to the extent that it is taken or retained by the seller of the collateral to secure all or part of its price.”

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