Kansas § 84-9-329 Priority of security interests in letter-of-credit right

Kansas Statutes

§ 84-9-329 — Priority of security interests in letter-of-credit right

Kansas·Ch. 84 UNIFORM COMMERCIAL CODE·Art. 9 SECURED TRANSACTIONS

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 K.S.A. 2024 Supp. 84-9-107, and amendments thereto, 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 K.S.A. 2024 Supp. 84-9-314, and amendments thereto, 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 K.S.A. 2024 Supp. 84-9-107, and amendments thereto, 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 K.S.A. 2024 Supp. 84-9-314, and amendments thereto, rank according to priority in time of obtaining control.

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