Maryland Code § CL-5-114

(a) In this section, "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.
(b) A beneficiary may assign its right to part or all of the proceeds of a letter
of credit. The beneficiary may do so before presentation as a present assignment of
its right to receive proceeds contingent upon its compliance with the terms and
conditions of the letter of credit.
(c) An issuer or nominated person need not recognize an assignment of
proceeds of a letter of credit until it consents to the assignment.
(d) An issuer or nominated person has no obligation to give or withhold its
consent to an assignment of proceeds of a letter of credit, but consent may not be
unreasonably withheld if the assignee possesses and exhibits the letter of credit and
presentation of the letter of credit is a condition to honor.
(e) Rights of a transferee beneficiary or nominated person are independent
of the beneficiary's assignment of the proceeds of a letter of credit and are superior to
the assignee's right to the proceeds.

(f) Neither the rights recognized by this section between an assignee and
an issuer, transferee beneficiary, or nominated person nor the issuer's or nominated
person's payment of proceeds to an assignee or a third person affect the rights
between the assignee and any person other than the issuer, transferee beneficiary, or
nominated person. The mode of creating and perfecting a security interest in or
granting an assignment of a beneficiary's rights to proceeds is governed by Title 9 of
this article or other law. Against persons other than the issuer, transferee
beneficiary, or nominated person, the rights and obligations arising upon the creation
of a security interest or other assignment of a beneficiary's right to proceeds and its
perfection are governed by Title 9 of this article or other law.

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