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Section 36-9-329. Priority of security interests in letter-of-credit right.

SC Code § 36-9-329 (2019) (N/A)
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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 36-9-107 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 36-9-314 rank according to priority in time of obtaining control.

HISTORY: 2001 Act No. 67, Section 12.

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