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Section 440.9329 Priority of Security Interests in Letter-of-Credit Right.

MI Comp L § 440.9329 (2019) (N/A)
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Sec. 9329.

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.

History: Add. 2000, Act 348, Eff. July 1, 2001

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