Virginia § 8.9A-329 Priority of security interests in letter-of-credit right

Virginia Statutes

§ 8.9A-329 — Priority of security interests in letter-of-credit right

Virginia § 8.9A-329

Title 8.9ACOMMERCIAL CODE — SECURED TRANSACTIONS

Part 3PERFECTION AND PRIORITY

Subpart 3PRIORITY

This text of Virginia § 8.9A-329 (Priority of security interests in letter-of-credit right) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 8.9A-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 § 8.9A-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 § 8.9A-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 § 8.9A-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 § 8.9A-314 rank according to priority in time of obtaining control.