§ 6A-9-329 - Priority of security interests in letter-of-credit right. - Rhode Island Statutes

SECTION 6A-9-329

   § 6A-9-329  Priority of security interestsin letter-of-credit right. – The following rules govern priority among conflicting security interests in thesame letter-of-credit right:

   (1) A security interest held by a secured party havingcontrol of the letter-of-credit right under § 6A-9-107 has priority to theextent of its control over a conflicting security interest held by a securedparty that does not have control.

   (2) Security interests perfected by control under §6A-9-314 rank according to priority in time of obtaining control.