D.C. Code § 28:9-329

Current through codified legislation effective April 20, 2024

Section 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 § 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 § 28:9-314 rank according to priority in time of obtaining control.

D.C. Code § 28:9-329

Oct. 26, 2000, D.C. Law 13-201, § 101, 47 DCR 7576.