554.9329  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 554.9107 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 554.9314 rank according to priority in time of obtaining control.

Section History: Recent form

  2000 Acts, ch 1149, §49, 187

Internal References

  Referred to in § 554.9322

Footnotes

  Effective July 1, 2001; 2000 Acts, ch 1149, §187; for law prior to July 1, 2001, see Code 2001

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