554.9329 Priority of security interests in letter-of-credit right.
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/ia/chapter-554-uniform-commercial-code/554-9329A 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 554.9107 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 554.9314 rank according to priority in time of obtaining control.
2000 Acts, ch 1149, §49, 187
Referred to in §554.9322