District of Columbia Assignment of After Payout Interest
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How to fill out Assignment Of After Payout Interest?
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FAQ
This section provides that a secured party acquires control of a letter-of-credit right by receiving an assignment if the secured party obtains the consent of the issuer or any nominated person, such as a confirmer or negotiating bank, under Section 5-114 or other applicable law or practice.
Definition of assignment of proceeds: "An instruction, often irrevocable, given by the beneficiary of a documentary credit authorising the payment of all or part of the proceeds due to it to a third party." There is limited information in UCP 600 article 39 as to how notices of assignment should be handled.
§28?3302. (a) The rate of interest in the District upon the loan or forbearance of money, goods, or things in action in the absence of expressed contract, is 6% per annum.
What Is an Assignment of Proceeds? An assignment of proceeds occurs when a beneficiary transfers all or part of the proceeds from a letter of credit to a third-party beneficiary.
§ 28?3302. (b) Interest, when authorized by law, on judgments or decrees against the District of Columbia, or its officers, or its employees acting within the scope of their employment, is at the rate of not exceeding 4% per annum.
An assignment of funds is created by depositing the stated amount of money in a savings account with a guarantee from the financial institution that the account will remain intact until release is authorized by the county. Interest earned on the account is the property of the customer.
§ 2-210 cmt. 1 (1994). See UCC § 2-210(1), which states: A party may perform his duty through a delegate unless otherwise agreed or unless the other party has a substantial interest in having his original promisor perform or control the acts required by the contract.
Proceeds of a letter of credit means the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The term does not include a beneficiary's drawing rights or documents presented by the beneficiary.
