§ 355-9-329

355.9 -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: (1) A security interest held by a secured party having control of the letter -of-credit right under KRS 355.9 -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 KRS 355.9 -314 rank according to priority in time of obtaining control. Effective: July 1, 2001 History: Creat ed 2000 Ky. Acts ch. 408, sec. 69, effective July 1, 2001.