New York § 9-329 Priority of Security Interests in Letter-of-credit Right

New York Statutes

§ 9-329 — Priority of Security Interests in Letter-of-credit Right

New York·Law UCC Uniform Commercial Code·Part 3 Perfection and Priority·Subpart 3 Priority·Art. 9 Secured Transactions

Section 9--329. Priority of Security Interests in Letter-of-credit\n                  Right.\n  The following rules govern priority among conflicting security\ninterests in the same letter-of-credit right:\n  (a) A security interest held by a secured party having control of the\nletter-of-credit right under Section 9--107 has priority to the extent\nof its control over a conflicting security interest held by a secured\nparty that does not have control.\n  (b) Security interests perfected by control under Section 9--314 rank\naccording to priority in time of obtaining control.\n

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Section 9--329. Priority of Security Interests in Letter-of-credit\n Right.\n The following rules govern priority among conflicting security\ninterests in the same letter-of-credit right:\n (a) A security interest held by a secured party having control of the\nletter-of-credit right under Section 9--107 has priority to the extent\nof its control over a conflicting security interest held by a secured\nparty that does not have control.\n (b) Security interests perfected by control under Section 9--314 rank\naccording to priority in time of obtaining control.\n

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