Business and Personal Finance Dictionary

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• LETTER OF CREDIT RIGHT
  
  A right to payment or performance under a letter of credit whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. The term does not include the right of a beneficiary to demand payment or performance under a letter of credit. A category of personal property collateral defined by the 2000 revisions to Article 9 of the Uniform Commercial Code.
  
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