ORS § 79.0329

Current through 2024 Regular Session legislation

Section 79.0329 - UCC 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 ORS 79.0107 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 ORS 79.0314 rank according to priority in time of obtaining control.

ORS 79.0329

2001 c.445 §49