Tenn. Code § 47-9-329

Current through Acts 2023-2024, ch. 1003

Section 47-9-329 - 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 § 47-9-107 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 § 47-9-314 rank according to priority in time of obtaining control.

T.C.A. § 47-9-329

Acts 2000, ch. 846, § 1.