HRS §490:9-107
When a lender controls a letter of credit right
A lender controls a letter of credit right if the bank or other person that must pay has agreed to let the borrower assign the money to the lender. This control only covers the right to payment or performance that was assigned.
creditorsdebtorsfinancial institutions
The statute, as written — 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 490:5-114(c) or otherwise applicable law or practice.
Sections this one refers to
§490:5-114 Who can get the money from a letter of credit
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