N.Y. Uniform Commercial Code 9-329 – Priority of Security Interests in Letter-of-credit Right
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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.