Louisiana § 10:9-329 Priority of security interests in letter-of-credit right

Louisiana Statutes

§ 10:9-329 — Priority of security interests in letter-of-credit right

Louisiana·Title 10 Commercial Laws

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 R.S. 10:9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.

(2)Security interests perfected by control under R.S. 10:9-314 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 R.S. 10:9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
(2) Security interests perfected by control under R.S. 10:9-314 rank according to priority in time of obtaining control.

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