Section 400.9-329

Title XXVI TRADE AND COMMERCE

Chapter 400

Effective - 01 Jul 2001, see footnote   

  400.9-329.  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 400.9-107 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 400.9-314 rank according to priority in time of obtaining control.

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(L. 2001 S.B. 288)

Effective 7-01-01