Ind. Code § 26-1-9.1-329

Current through P.L. 171-2024

Section 26-1-9.1-329 - Priority of security interests in letter-of-credit rights

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 IC 26-1-9.1-107 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 IC 26-1-9.1-314 rank according to priority in time of obtaining control.

IC 26-1-9.1-329

As added by P.L. 57-2000, SEC.45.