§ 440.9329

440.9329 Priority of security interests in letter-of-credit right. Sec. 9329. 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 9107 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 9314 rank according to priority in time of obtaining control. History: Add. 2000, Act 348, Eff. July 1, 2001