GroundRules
D.C. Code § 28:9-329: Priority of security interests in letter-of-credit right.
Where this section sits in the code
- Title 28. Commercial Instruments and Transactions. [Enacted title]
- Subtitle I. Uniform Commercial Code.
- Article 9. Secured Transactions.
- Part III. Perfection and Priority.
- Subpart 3. Priority.
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 § 28:9-107 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 § 28:9-314 rank according to priority in time of obtaining control.
Collected 2026-08-29T05:44:07Z. Source file · JSON