R.I. Gen. Laws § 6A-9-329

Current through 2024 Public Law 457

Section 6A-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 § 6A-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 § 6A-9-314 rank according to priority in time of obtaining control.

R.I. Gen. Laws § 6A-9-329

P.L. 2000, ch. 182, § 6; P.L. 2000, ch. 420, § 6.