N.Y. UCC Law § 9-329
This is the official text of N.Y. UCC Law § 9-329, part of New York’s UCC Law — part of the compiled statutory law of New York, published by the state as "UCC Law." Browse the sections below, each linked to its official government source.
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Priority of Security Interests in Letter-of-credit Right
Official statutory text
Section 9--329. Priority of Security Interests in Letter-of-credit\n Right.\n The following rules govern priority among conflicting security\ninterests in the same letter-of-credit right:\n (a) A security interest held by a secured party having control of the\nletter-of-credit right under Section 9--107 has priority to the extent\nof its control over a conflicting security interest held by a secured\nparty that does not have control.\n (b) Security interests perfected by control under Section 9--314 rank\naccording to priority in time of obtaining control.\n
Status: in_force · Read it on the official government site
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