Statute · New York Uniform Commercial Code
N.Y. U.C.C. Law § 9-329 — Priority of Security Interests in Letter-of-credit Right
N.Y. U.C.C. Law § 9-329
- Type
- Statute
- Source
- New York Uniform Commercial Code
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
Section 9--329. Priority of Security Interests in Letter-of-credit
Citator
N.Y. U.C.C. Law § 9-329 — Priority of Security Interests in Letter-of-credit Right is in force in the current edition of the Code, and nothing recorded condemns it.
Section 9--329. 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:
(a) A security interest held by a secured party having control of the letter-of-credit right under Section 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.
(b) Security interests perfected by control under Section 9--314 rank according to priority in time of obtaining control.