GroundRules
O.C.G.A. § 11-9-329: Priority of security interests in letter of credit right.
Where this section sits in the code
- TITLE 11 Commercial Code
- Article 9 Secured Transactions
- PART 3 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 Code Section 11-9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control; and
(2) Security interests perfected by control under Code Section 11-9-314 rank according to priority in time of obtaining control.
Collected 2026-09-17T18:56:58Z. Source file · JSON
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