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·Title 7 Commercial Code·Art. 9A Secured Transactions·Div. 3 Priority·Part 3 Perfection and Priority

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.

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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.

Alabama § 7-9A-329 (Priority of Security Interests in Letter-of-Credit Right) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.