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

1. Law
2. Revised Code of Washington
3. Uniform Commercial Code
4. Secured Transactions; Sales of Accounts, Contract Rights and Chattel Paper.
5. 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 RCW 62A.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 RCW 62A.9A-314 rank according to priority in time of obtaining control.

[2000 c 250 § 9A-329.]

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