Legislation
SECTION 9-329
Priority of Security Interests in Letter-of-credit Right
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 9, PART 3, SUBPART 3
Section 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:
(a) 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.
(b) Security interests perfected by control under Section 9--314 rank
according to priority in time of obtaining control.
Right.
The following rules govern priority among conflicting security
interests in the same letter-of-credit right:
(a) 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.
(b) Security interests perfected by control under Section 9--314 rank
according to priority in time of obtaining control.