Section 9-329 - Priority of security interests in letter-of-credit. - Maryland Statutes

§ 9-329. Priority of security interests in letter-of-credit.
 

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 § 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 § 9-314 rank according to priority in time of obtaining control. 
 

[1999, ch. 282, § 2.]