North Dakota § 41-09-49 (9-329) Priority of security interests in letter-of-credit right

North Dakota Statutes

§ 41-09-49 — (9-329) Priority of security interests in letter-of-credit right

North Dakota § 41-09-49

Title 41Uniform Commercial Code

Ch. 41-09Secured Transactions

This text of North Dakota § 41-09-49 ((9-329) Priority of security interests in letter-of-credit right) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 41-09-49 (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 section 41-09-07 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 section 41-09-34 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 section 41-09-07 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 section 41-09-34 rank according to
priority in time of obtaining control.