Ala. Code § 7-9A-329

Current through the 2024 Regular Session.

Section 7-9A-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 7-9A-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 7-9A-314 rank according to priority in time of obtaining control.

Ala. Code § 7-9A-329 (1975)

Act 2001-481, p. 647, §1.