Alabama § 7-9A-329 Priority of Security Interests in Letter-of-Credit Right

Alabama Statutes

§ 7-9A-329 — Priority of Security Interests in Letter-of-Credit Right

Alabama § 7-9A-329

JurisdictionAlabama

Title 7Commercial Code

Art. 9ASecured Transactions

Div. 3Priority

Part 3Perfection and Priority

This text of Alabama § 7-9A-329 (Priority of Security Interests in Letter-of-Credit Right) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 7-9A-329 (2026).

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 7-9A-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 7-9A-314 rank according to priority in time of obtaining control.

Free access — add to your briefcase to read the full text and ask questions with AI

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 7-9A-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 7-9A-314 rank according to priority in time of obtaining control.