70A-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 Section 70A-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 Section 70A-9a-314 rank according to
priority in time of obtaining control.
Enacted by Chapter 252, 2000 General Session
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Last revised: Thursday, May 28, 2009