The Vermont Statutes Online

Title 9A : Uniform Commercial Code

Article 009 : Secured Transactions

• § 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 subsection 5—114(c) of this title or otherwise applicable law or practice. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)

• § 9—107A. 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 12—105 of this title.

  (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. (Added 2025, No. 17, § 9, eff. July 1, 2025.)

• § 9—107B. No requirement to acknowledge or confirm; no duties

  (a) A person that has control under section 9—104, 9—105, or 9—105A of this title is not required to acknowledge that it has control on behalf of another person.

  (b) If a person acknowledges that it has or will obtain control on behalf of another person, unless the person otherwise agrees or law other than this article otherwise provides, the person does not owe any duty to the other person and is not required to confirm the acknowledgment to any other person. (Added 2025, No. 17, § 9, eff. July 1, 2025.)