Section 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 Section 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 Section 9.314 rank according to priority in time of obtaining control.Tex. Bus. and Comm. Code § 9.329
Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. 7/1/2001.