Okla. Stat. tit. 12A § 1-9-329

Current through Laws 2024, c. 453.

Section 1-9-329 - 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 1-9-107 of this title 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 1-9314 of this title rank according to priority in time of obtaining control.

Okla. Stat. tit. 12A, § 1-9-329

Added by Laws 2000 , SB 1519, c. 371, § 56, eff. 7/1/2001.

Oklahoma Code Comment

None.