Iowa Code 554.9329 – Priority of security interests in letter-of-credit right
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Terms Used In Iowa Code 554.9329
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
554.9329 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 § 554.9107 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 § 554.9314 rank according to priority in time of obtaining control.
2000 Acts, ch 1149, §49, 187
Referred to in §554.9322
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 § 554.9107 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 § 554.9314 rank according to priority in time of obtaining control.
2000 Acts, ch 1149, §49, 187
Referred to in §554.9322