N.C. Gen. Stat. § 25-9-329

Current through Session Law 2024-56

Section 25-9-329 - 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 G.S. 25-9-107 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 G.S. 25-9-314 rank according to priority in time of obtaining control.

N.C. Gen. Stat. § 25-9-329

1997-181, s. 5; 2000-169, s. 1.