8.9A-329 - A-329. Priority of security interests in letter-of-credit right. - Virginia Statutes

§ 8.9A-329. Priority of security interests in letter-of-credit right.

The following rules govern priority among conflicting security interests inthe same letter-of-credit right:

(1) A security interest held by a secured party having control of theletter-of-credit right under § 8.9A-107 has priority to the extent of itscontrol over a conflicting security interest held by a secured party thatdoes not have control.

(2) Security interests perfected by control under § 8.9A-314 rank accordingto priority in time of obtaining control.

(2000, c. 1007.)