§ 8.9A-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 § 8.9A-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 § 8.9A-314 rank according to priority in time of obtaining control.
(2000, c. 1007.)Sections: Previous 8.9A-322 8.9A-323 8.9A-324 8.9A-325 8.9A-326 8.9A-327 8.9A-328 8.9A-329 8.9A-330 8.9A-331 8.9A-332 8.9A-333 8.9A-334 8.9A-335 8.9A-336 Next
Last modified: April 3, 2009