N.Y. U.C.C. Law § 9-329

Current through 2024 NY Law Chapters 1-59 and 61-121

Section 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:

(a) 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.

(b) Security interests perfected by control under Section 9-314 rank according to priority in time of obtaining control.

N.Y. U.c.c. Law § 9-329