Me. Stat. tit. 11 § 9-1329

Current through 131st (2023-2024) Legislature Chapter 684

Section 9-1329 - 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. [1999, c. 699, Pt. A, §2(NEW); 1999, c. 699, Pt. A, §4(AFF).]

(1). A security interest held by a secured party having control of the letter-of-credit right under section 9-1107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.

[1999, c. 699, Pt. A, §2(NEW); 1999, c. 699, Pt. A, §4(AFF).]

(2). Security interests perfected by control under section 9-1314 rank according to priority in time of obtaining control.

[1999, c. 699, Pt. A, §2(NEW); 1999, c. 699, Pt. A, §4(AFF).]

11 M.R.S. § 9-1329

1999, c. 699, §A2 (NEW) . 1999, c. 699, §A4 (AFF) .