GroundRules
R.I. Gen. Laws § 6A-9-329: Priority of security interests in letter-of-credit right.
Where this section sits in the code
- Title 6A Uniform Commercial Code
- Chapter 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 § 6A-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 § 6A-9-314 rank according to priority in time of obtaining control.
Collected 2026-09-05T18:30:09Z. Source file · JSON