41-09-49. (9-329) Priority of security interests in letter-of-credit right.
73 words·~1 min read·
/nd/title-41/chapter-41-09-secured-transactions/41-09-49·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 41-09-07 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 41-09-34 rank according to
priority in time of obtaining control.