Nevada Code § 104.5114

1. As used 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
beneficiarys drawing rights or documents presented by the beneficiary.
2. 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.
3. An issuer or nominated person need not
recognize an assignment of proceeds of a letter of credit until it consents to
the assignment.
4. 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.
5. The rights of a transferee beneficiary
or nominated person are independent of the beneficiarys assignment of the
proceeds of a letter of credit and are superior to the assignees right to the
proceeds.
6. The rights recognized by this section
between an assignee and an issuer, transferee beneficiary or nominated person
and the issuers or nominated persons payment of proceeds to an assignee or a
third person do not 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
beneficiarys rights to proceeds is governed by article 9 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 beneficiarys right to proceeds and its perfection are
governed by article 9 or other law.

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