Ohio § 1309.329 Priority of security interests in letter-of-credit right - UCC 9-329

Ohio Statutes

§ 1309.329 — Priority of security interests in letter-of-credit right - UCC 9-329

Ohio § 1309.329

Title 13Commercial Transactions

Ch. 1309Secured Transactions

This text of Ohio § 1309.329 (Priority of security interests in letter-of-credit right - UCC 9-329) is published on Counsel Stack Legal Research, covering Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ohio Rev. Code Ann. § 1309.329 (2026).

Text

The following govern priority among conflicting security interests in the same letter-of-credit right:

(A)A security interest held by a secured party having control of the letter-of-credit right under section1309.107of the Revised Code has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.

(B)Security interests perfected by control under section1309.314of the Revised Code rank according to priority in time of obtaining control.

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The following govern priority among conflicting security interests in the same letter-of-credit right:

(A) A security interest held by a secured party having control of the letter-of-credit right under section1309.107of the Revised Code has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.

(B) Security interests perfected by control under section1309.314of the Revised Code rank according to priority in time of obtaining control.