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 4-5-114 (c) or otherwise applicable law or practice.
Source: L. 2001: Entire article R&RE, p. 1330, § 1, effective July 1.
4-9-107.5. Control of controllable electronic record, controllable account, or controllable payment intangible. (a) A secured party has control of a controllable electronic record as provided in section 4-12-105.
(b) 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.
Source: L. 2023: Entire section added, (SB 23-090), ch. 136, p. 546, § 45, effective August 7.
Notes of Decisions
Billings v. Avco Colorado Indus. Bank (In Re Billings), 63 B.R. 717 (D. Colo. 1986).
· cites it 2× “§ 4-9-107 (1973) defines purchase money security interest as follows: 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…”
Coop. Fin. Ass'n v. B & J Cattle Co., 937 P.2d 915 (Colo. Ct. App. 1997).
· cites it 2× “” B & J does not have, and does not claim to have, a purchase money security interest as in § 4-9-107, C.R.S (1982 Repl.Vol. 2), the priority of which is established by § 4-9-312, C.”
Stevens v. Assocs. Fin. Servs., 24 B.R. 536 (Bankr.D. Colo. 1982).
“§ 4-9-107 (1973) defines purchase money security interest as follows: 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…”
Denice Patricia Madrid-Baskin (Bankr.D. Colo. 2020).
· cites it 2× “§ 4-9-107. However, the Colorado version of the Uniform Commercial Code was amended and renumbered after the Billings decision.”
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