Neb. U.C.C. § 9-329

Current with changes through the 2024 First Special Legislative Session

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.

Neb. U.C.C. § 9-329

Laws 1999, LB 550, § 122.