Okla. Stat. tit. 12A, § 12A-1-9-329
This is the official text of Okla. Stat. tit. 12A, § 12A-1-9-329, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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Priority of security interests in letter-of-credit
Official statutory text
right.
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 1-9-107 of this title
has priority to the extent of its control over a conflicting
security interest held by a secured party that does not have
control.
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 89
(2) Security interests perfected by control under Section 1-9-
314 of this title rank according to priority in time of obtaining
control.
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 1-9-107 of this title
has priority to the extent of its control over a conflicting
security interest held by a secured party that does not have
control.
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 89
(2) Security interests perfected by control under Section 1-9-
314 of this title rank according to priority in time of obtaining
control.
Status: in_force · Read it on the official government site
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