84-9-329. Priority of security interests in letter-of-credit right.
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/ks/chapter-84/84-9-329A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
84-9-329. 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 K.S.A. 2025 Supp. 84-9-107 , and amendments thereto, 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 K.S.A. 2025 Supp. 84-9-314 , and amendments thereto, rank according to priority in time of obtaining control.