Utah Code § 70A-9a-329

Current through the 2024 Fourth Special Session

Section 70A-9a-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 70A-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 Section 70A-9a-314 rank according to priority in time of obtaining control.

Utah Code § 70A-9a-329

Enacted by Chapter 252, 2000 General Session.