N.Y. Uniform Commercial Code Law Section 9-329
Priority of Security Interests in Letter-of-credit Right


Section 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:

(a)

A security interest held by a secured party having control of the letter-of-credit right under Section 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.

(b)

Security interests perfected by control under Section 9--314 rank according to priority in time of obtaining control.

Source: Section 9-329 — Priority of Security Interests in Letter-of-credit Right, https://www.­nysenate.­gov/legislation/laws/UCC/9-329 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 9-329’s source at nysenate​.gov

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