§ 9329. 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 9107
(relating to control of letter-of-credit right) 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 9314 (relating to perfection by control) rank according to priority in time of obtaining control.
Cross References. Section 9329 is referred to in section 9322 of this title.Section: Previous 9322 9323 9324 9325 9326 9327 9328 9329 9330 9331 9332 9333 9334 9335 9336 Next
Last modified: October 8, 2016