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

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.

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