Kentucky Statutes 355.9-329 – Priority of security interests in letter-of-credit right
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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 KRS § 355.9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
(2) Security interests perfected by control under KRS § 355.9-314 rank according to priority in time of obtaining control.
Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 69, effective July 1, 2001.
(1) A security interest held by a secured party having control of the letter-of-credit right under KRS § 355.9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
(2) Security interests perfected by control under KRS § 355.9-314 rank according to priority in time of obtaining control.
Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 69, effective July 1, 2001.