Vt. Stat. tit. 9A § 9-329

Current through L. 2024, c. 177.

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 of this title 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 of this title rank according to priority in time of obtaining control.

9A V.S.A. § 9-329

Added 1999, No. 106 (Adj. Sess.), § 2, eff. 7/1/2001.