Cal. Commercial Code § 9329
Cal. Commercial Code § 9329
California · California Commercial Code · Status: effective · Effective 2000-01-01
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- Citation
- Cal. Commercial Code § 9329, California, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/790667
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Full text
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 Section 9107 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 Section 9314 rank according to priority in time of obtaining control.