Del. Code tit. 6 § 9-329

Current through 2024 Legislative Session Act Chapter 510

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

6 Del. C. § 9-329

72 Del. Laws, c. 401, § 1.;