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 § 36-9-329

Title 36COMMERCIAL CODE

Ch. 9COMMERCIAL CODE—SECURED TRANSACTIONS

This text of South Carolina § 36-9-329 (Priority of security interests in letter-of-credit right.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 36-9-329 (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 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.