Sec. 45.29.329. Priority of security interests in letter-of-credit right.
82 words·~1 min read·
/ak/title-45/chapter-29/45-29-329A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 45.29.329. Priority of security interests in letter-of-credit right.
The following rules govern priority among conflicting security interests in the same letter-of-credit right:
(1)a security interest held by a secured party having control of the letter-of-credit right under AS 45.29.107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control;
(2)security interests perfected by control under AS 45.29.314 rank according to priority in time of obtaining control.