South Carolina § 36-9-329 Priority of security interests in letter-of-credit right.

South Carolina Statutes

§ 36-9-329 — Priority of security interests in letter-of-credit right.

South Carolina·Title 36 COMMERCIAL CODE·Ch. 9 COMMERCIAL CODE—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 36-9-107 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 36-9-314 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 36-9-107 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 36-9-314 rank according to priority in time of obtaining control.

South Carolina § 36-9-329 (Priority of security interests in letter-of-credit right.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.