Priority of Security Interests in Letter-of-Credit Right.

1. Law
2. Code of Alabama
3. Commercial Code.
4. Secured Transactions.
5. Perfection and Priority.
6. Priority.
7. Priority of Security Interests in Letter-of-Credit Right.

Section 7-9A-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 7-9A-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 7-9A-314 rank according to priority in time of obtaining control.

(Act 2001-481, p. 647, §1.)

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