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§ 9-329. Priority of security interests in letter-of-credit

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 9. Secured Transactions (Refs & Annos)
Subtitle 3. Perfection and Priority (Refs & Annos)
MD Code, Commercial Law, § 9-329
§ 9-329. Priority of security interests in letter-of-credit
Currentness
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 § 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 § 9-314 rank according to priority in time of obtaining control.

Credits

Added by Acts 1999, c. 282, § 2, eff. July 1, 2001.
MD Code, Commercial Law, § 9-329, MD COML § 9-329
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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