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 § 10:9-329

Title 10Commercial Laws

This text of Louisiana § 10:9-329 (Priority of security interests in letter-of-credit right) is published on Counsel Stack Legal Research, covering Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

La. Stat. Ann. § 10:9-329 (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 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.