Tennessee § 47-9-329 Priority of security interests in letter-of-credit right

Tennessee Statutes

§ 47-9-329 — Priority of security interests in letter-of-credit right

Tennessee § 47-9-329

Title47

This text of Tennessee § 47-9-329 (Priority of security interests in letter-of-credit right) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 47-9-329 (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 § 47-9-107 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 § 47-9-314 rank according to priority in time of obtaining control.

Free access — add to your briefcase to read the full text and ask questions with AI

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 § 47-9-107 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 § 47-9-314 rank according to priority in time of obtaining control.