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Illinois Compiled Statutes

810 ILCS 5/9-107 (2026)

Control of letter-of-credit right

✓ current as of May 2026
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(810 ILCS 5/9-107) (from Ch. 26, par. 9-107)
    Sec. 9-107. Control of letter-of-credit right. 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 5-114(c) or otherwise applicable law or practice.
(Source: P.A. 91-893, eff. 7-1-01.)

    
Notes of Decisions
Cited in 1 case, 1994–1994 · leading case: In Re Short, 170 B.R. 128 (Bankr. S.D. Ill. 1994).
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In Re Short, 170 B.R. 128 (Bankr. S.D. Ill. 1994). “810 ILCS 5/9-107 (emphasis added). Under this definition, a seller obtains a purchase money security interest by retaining a security interest in goods sold.”
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