679.329 Priority of security interests in letter-of-credit right. - Florida Statutes

679.329 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 s. 679.1071 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 s. 679.3141 rank according to priority in time of obtaining control.

History. s. 3, ch. 2001-198.