Cal. Com. Code § 9329

Current through the 2024 Legislative Session.

Section 9329 - Priority of security interests in letter-of-credit right

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 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 rank according to priority in time of obtaining control.

Ca. Com. Code § 9329

EFFECTIVE 7/01/2001. Added10/10/1999 (Bill Number: SB 45) (Chapter 991).