Priority of security interests in letter-of-credit right.

  1. Law
  2. Colorado Revised Statutes
  3. Uniform Commercial Code
  4. Secured Transactions
  5. Priority of security interests in letter-of-credit right.

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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 rightunder section 4-9-107 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 4-9-314 rank according to priority in time of obtaining control.

Source: L. 2001: Entire article R&RE, p. 1364, § 1, effective July 1.


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