Georgia § 11-9-329 Priority of security interests in letter of credit right

Georgia Statutes

§ 11-9-329 — Priority of security interests in letter of credit right

Georgia § 11-9-329

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This text of Georgia § 11-9-329 (Priority of security interests in letter of credit right) is published on Counsel Stack Legal Research, covering Georgia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

O.C.G.A. § 11-9-329 (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 Code Section 11-9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control; and (2) Security interests perfected by control under Code Section 11-9-314 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 Code Section 11-9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control; and (2) Security interests perfected by control under Code Section 11-9-314 rank according to priority in time of obtaining control.