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November 21, 2024 Clouds | 46°F
The 193rd General Court of the Commonwealth of Massachusetts
  1. General Laws
  2. Part I ADMINISTRATION OF THE GOVERNMENT
  3. Title XV REGULATION OF TRADE
  4. Chapter 106 UNIFORM COMMERCIAL CODE
  5. Article 9 SECURED TRANSACTIONS
  6. Section 9-329 Priority of Security Interests in Letter-of-credit Right

Section 9-329

Section 9-329: Priority of Security Interests in Letter-of-credit Right

Section 9–329. 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.