§ 329 -   Priority of security interests in letter-of-credit right

§ 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 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 9-314 rank according to priority in time of obtaining control. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)