New Jersey Statutes - Title 12A Commercial Transactions - 12A:9-329 Priority of security interests in letter-of-credit right.
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New Jersey Laws > Commercial Transactions > New Jersey Statutes - Title 12A Commercial Transactions - 12A:9-329 Priority of security interests in letter-of-credit right.
12A:9-329. Priority of security interests in letter-of-credit right.
12A: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 12A:9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
(2) Security interests perfected by control under 12A:9-314 rank according to priority in time of obtaining control.
L.2001, c.117, s.1; amended 2001, c.386, s.45.
Sections: 9-322 9-323 9-324 9-325 9-326 9-327 9-328 9-329 9-330 9-331 9-332 9-333 9-334 9-335 9-336
Last modified: February 13, 2012
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