30-9A-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 30-9A-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 30-9A-314 rank according to priority in time of obtaining control. History: En. Sec. 48, Ch. 305, L. 1999; Sec. 30-9-349, MCA 1999; redes. 30-9A-329 by Code Commissioner, 2001.
Montana Legal Code