Mich. Comp. Laws § 440.9329

Current through Public Act 171 of the 2024 Legislative Session

Section 440.9329 - 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:

(a) A security interest held by a secured party having control of the letter-of-credit right under section 9107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.

(b) Security interests perfected by control under section 9314 rank according to priority in time of obtaining control.

MCL 440.9329

Add. 2000, Act 348, Eff. 7/1/2001.