4-9-329. Priority of security interests in letter-of-credit right.
73 words·~1 min read·
/co/title-4-uniform-commercial-code/article-9-secured-transactions/4-9-329·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 section 4-9-107 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 section 4-9-314 rank according to priority in time of obtaining control.