LegalFix
Sign In

§ 57A-9-329 Priority among conflicting security interests in same letter-of-credit right.

SD Codified L § 57A-9-329 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

57A-9-329. Priority among conflicting security interests in same 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 § 57A-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 § 57A-9-314 rank according to priority in time of obtaining control.Source: SL 2000, ch 231.

Previous Section
§ 57A-9-328 Priority among conflicting security interests in same investment property.
Next Section
§ 57A-9-330 Priority of rights of purchaser of chattel paper--Priority in proceeds.