TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 9

SECURED TRANSACTIONS

PART 3.

PERFECTION AND PRIORITY

28-9-329.  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 28-9-107 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 28-9-314 rank according to priority in time of obtaining control.

History:

[28-9-329, added 2001, ch. 208, sec. 2, p. 750.]