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Section 6A-9-329 Priority of security interests in letter-of-credit right.

RI Gen L § 6A-9-329 (2019) (N/A)
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§ 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.

History of Section. (P.L. 2000, ch. 182, § 6; P.L. 2000, ch. 420, § 6.)

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