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·Title 41 Uniform Commercial Code·Ch. 41-09 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 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.

North Dakota § 41-09-49 ((9-329) Priority of security interests in letter-of-credit right) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.