Tex. Business & Commerce Code § 9.329
This is the official text of Tex. Business & Commerce Code § 9.329, part of Texas’s Business & Commerce Code — governs commercial transactions and general business practices.
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§ 9.329. PRIORITY OF SECURITY INTERESTS IN LETTER-OF-CREDIT RIGHT.
Official statutory text
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 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 9.314 rank according to priority in time of obtaining control.
(1) A security interest held by a secured party having control of the letter-of-credit right under Section 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 9.314 rank according to priority in time of obtaining control.
Status: in_force · Read it on the official government site
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