Priority of security interests in letter-of-credit right

1. Law
2. US Virgin Islands Code
3. Uniform Commercial Code
4. Secured Transactions
5. Perfection and Priority
6. Priority
7. 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 § 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 § 9–314 rank according to priority in time of obtaining control.

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