62A.9A-329 - Priority of security interests in letter-of-credit right. - Washington Statutes

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 RCW 62A.9A-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 RCW 62A.9A-314 rank according to priority in time of obtaining control.

[2000 c 250 § 9A-329.]