Pennsylvania § 9329 Priority of security interests in letter-of-credit right

Pennsylvania Statutes

§ 9329 — Priority of security interests in letter-of-credit right

Pennsylvania § 9329

Title 13COMMERCIAL CODE

Ch. 93PERFECTION AND PRIORITY

Subch.PRIORITY

This text of Pennsylvania § 9329 (Priority of security interests in letter-of-credit right) is published on Counsel Stack Legal Research, covering Pennsylvania primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

13 Pa. Cons. Stat. § 9329 (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 9107 (relating to control of letter-of-credit right) 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 9314 (relating to perfection by control) 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 9107 (relating to control of letter-of-credit right) 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 9314 (relating to perfection by control) rank according to priority in time of obtaining control.