70A-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:
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 70A-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 Section 70A-9a-314 rank according to priority in time of obtaining control.
Enacted by Chapter 252, 2000 General Session