La. Stat. tit. 10 § 9-329

Current with changes from the 2024 Legislative Session

Section 10:9-329 - 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 R.S. 10:9-107 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 R.S. 10:9-314 rank according to priority in time of obtaining control.

La. R.S. § 10:9-329

Acts 2001, No. 128, §1, eff. 7/1/2001.