Ark. Code § 4-9-329

Current with legislation from 2024 effective through May 3, 2024.

Section 4-9-329 - 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 § 4-9-107 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 § 4-9-314 rank according to priority in time of obtaining control.

Ark. Code § 4-9-329

Acts 2001, No. 1439, § 1.