N.J.S.A. 12A:9-329 — Priority of security interests in letter-of-credit right.

12A:9-329 Priority of security interests in letter-of-credit right. 12A:9-329. 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 12A: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 12A:9-314 rank according to priority in time of obtaining control. L.2001, c.117, s.1; amended 2001, c.386, s.45.

This is the verbatim text of N.J.S.A. 12A:9-329, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.