§490:9-329 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 section 490:9-107 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 section 490:9-314 rank according to priority in time of obtaining control. [L 2000, c 241, pt of §1]
Section: Previous 490-9-322 490-9-323 490-9-324 490-9-325 490-9-326 490-9-327 490-9-328 490-9-329 490-9-330 490-9-331 490-9-332 490-9-333 490-9-334 490-9-335 490-9-336 NextLast modified: October 27, 2016