2011 Kansas Code
Chapter 84. - UNIFORM COMMERCIAL CODE
Article 9. - SECURED TRANSACTIONS
84-9-329 Priority of security interests in letter-of-credit right.
84-9-329. 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 K.S.A. 2010 Supp. 84-9-107 and amendments thereto 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 K.S.A. 2010 Supp. 84-9-314 and amendments thereto rank according to priority in time of obtaining control.
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