Indiana § 26-1-9.1-329 Priority of security interests in letter-of-credit rights

Indiana Statutes

§ 26-1-9.1-329 — Priority of security interests in letter-of-credit rights

Indiana § 26-1-9.1-329

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 9.1Secured Transactions

This text of Indiana § 26-1-9.1-329 (Priority of security interests in letter-of-credit rights) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 26-1-9.1-329 (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 IC 26-1-9.1-107 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 IC 26-1-9.1-314 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 IC 26-1-9.1-107 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 IC 26-1-9.1-314
rank according to priority in time of obtaining control.