Mich. Comp. Laws » Michigan Compiled Laws / Chapter 440 / Act 174 of 1962
Michigan Compiled Laws

Mich. Comp. Laws § 440.9107 (2026)

Control of letter-of-credit right.

✓ current as of July 2026
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UNIFORM COMMERCIAL CODE


Act 174 of 1962


440.9107 Control of letter-of-credit right.

Sec. 9107.

    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 5114(3) or otherwise applicable law or practice.

History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 2000, Act 348, Eff. July 1, 2001

Notes of Decisions
Cited in 8 cases, 1973–1993 · leading case: Matter of Cliff's Ridge Skiing Corp., 123 B.R. 753 (Bankr. W.D. Mich. 1991).
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Matter of Cliff's Ridge Skiing Corp., 123 B.R. 753 (Bankr. W.D. Mich. 1991). · cites it 8× “6 The first requirement raises the threshold issue: Does First National hold a purchase money security interest? Mich. Comp.Laws Ann. § 440.9107 states: A security interest is a “purchase money security interest” to the extent that it is (a) taken or retained by the seller of…”
Yamaha Motor Corp., USA v. Tri-City Motors & Sports, Inc., 429 N.W.2d 871 (Mich. Ct. App. 1988). · cites it 2× “9 Although both Yamaha and First National were purchase money lenders, MCL 440.9107; MSA 19.9107, neither qualified for the special priority treatment for that type of security interest in inventory collateral (i.”
Cipriano v. Tocco, 772 F. Supp. 344 (E.D. Mich. 1991). “§ 440.9107. Mr. Ioli argues that the “Assignment of Vendee’s Interest in Land Contract” cannot qualify as a “purchase money security interest,” under the U.”
NBD-Sandusky Bank v. Ritter, 471 N.W.2d 340 (Mich. 1991). “[MCL 440.9107(b); MSA 19.9107(b).] Under the three-party transaction involved here, John Deere, as lender, paid Laethem, the seller, the amount Mr.”
Nauman v. First Nat'l Bank, 212 N.W.2d 760 (Mich. Ct. App. 1973). “MCLA 440.9107(b); MSA 19.9107(b). These security interests are enforceable against a third party (Nauman) because the debtors (the six customers), in compliance with MCLA 440.”
Twp. of Stambaugh v. Ah-Ne-Pee Dimensional Hardwood, Inc., 841 F. Supp. 803 (W.D. Mich. 1993). · cites it 2× “§ 440.9107: 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 incurring an obligation gives value to…”
Nat. Bank of Detroit v. Eames & Brown, Inc., 213 N.W.2d 573 (Mich. Ct. App. 1973). “6 See: MCLA 440.9107; MSA 19.9107, defining a purchase money *451 security interest.”
In Re Mason, 46 B.R. 119 (Bankr. E.D. Mich. 1985). “§ 440.9107 provides that “a security interest is a ‘purchase-money security interest’ to the extent that it is .”
— Mich. Comp. Laws § 440.9107(a) — 1 case
Matter of Cliff's Ridge Skiing Corp., 123 B.R. 753 (Bankr. W.D. Mich. 1991). “6 The first requirement raises the threshold issue: Does First National hold a purchase money security interest? Mich. Comp.Laws Ann. § 440.9107 states: A security interest is a “purchase money security interest” to the extent that it is (a) taken or retained by the seller of…”
— Mich. Comp. Laws § 440.9107(b) — 3 cases
Matter of Cliff's Ridge Skiing Corp., 123 B.R. 753 (Bankr. W.D. Mich. 1991). “6 The first requirement raises the threshold issue: Does First National hold a purchase money security interest? Mich. Comp.Laws Ann. § 440.9107 states: A security interest is a “purchase money security interest” to the extent that it is (a) taken or retained by the seller of…”
NBD-Sandusky Bank v. Ritter, 471 N.W.2d 340 (Mich. 1991). “[MCL 440.9107(b); MSA 19.9107(b).] Under the three-party transaction involved here, John Deere, as lender, paid Laethem, the seller, the amount Mr.”
Nauman v. First Nat'l Bank, 212 N.W.2d 760 (Mich. Ct. App. 1973). “MCLA 440.9107(b); MSA 19.9107(b). These security interests are enforceable against a third party (Nauman) because the debtors (the six customers), in compliance with MCLA 440.”
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