§ 400-9-329

Title XXVI TRADE AND COMMERCE Chapter 400 • Effective - 01 Jul 2001, see footnote 400.9-329. 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 section 400.9-107 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 section 400.9-314 rank according to priority in time of obtaining control. ­­-------- (L. 2001 S.B. 288) Effective 7-01-01