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§ 1-9-329. Priority of security interests in letter-of-credit right

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 9. Secured Transactions (Refs & Annos)
Part 3. Perfection and Priority (Refs & Annos)
12A Okl.St.Ann. § 1-9-329
§ 1-9-329. Priority of security interests in letter-of-credit right
Priority of security interests in letter-of-credit right
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 1-9-107 of this title 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 1-9-314 of this title rank according to priority in time of obtaining control.

Credits

Laws 2000, c. 371, § 56, eff. July 1, 2001.
12A Okl. St. Ann. § 1-9-329, OK ST T. 12A § 1-9-329
Current with emergency effective legislation through Chapter 449 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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