Va. Code § 8.9A-329

Current with changes from the 2024 legislative session through ch. 845

Section 8.9A-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:

(1) A security interest held by a secured party having control of the letter-of-credit right under § 8.9-107A 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 § 8.9-314A rank according to priority in time of obtaining control.

Va. Code § 8.9A-329

2000, c. 1007.

Amended by Acts 2000, § c.1007.