§9-1329. Priority of security interests in letter-of-credit right
121 words·~1 min read·
/me/title-11-uniform-commercial-code/9-1329·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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(1). A security interest held by a secured party having control of the letter-of-credit right under section 9‑1107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2). Security interests perfected by control under section 9‑1314 rank according to priority in time of obtaining control.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]