400.9-329. Priority of security interests in letter-of-credit right. - Missouri Statutes

Priority of security interests in letter-of-credit right.

400.9-329. The following rules govern priority among conflictingsecurity interests in the same letter-of-credit right:

(1) A security interest held by a secured party having control of theletter-of-credit right under section 400.9-107 has priority to the extentof its control over a conflicting security interest held by a secured partythat does not have control.

(2) Security interests perfected by control under section 400.9-314rank according to priority in time of obtaining control.

(L. 2001 S.B. 288)

Effective 7-01-01