409.329 Priority of security interests in letter-of-credit right.
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/wi/chapter-409/409-329A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
409.329 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)Control by secured party. A security interest held by a secured party having control of the letter-of-credit right under s. 409.107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
(2)Priority in time of control. Security interests perfected by control under s. 409.314 rank according to priority in time of obtaining control.