2013 Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS
11 §9-1329. Priority of security interests in letter-of-credit right
Part 3: PERFECTION AND PRIORITY
Subpart 3: PRIORITY HEADING: PL 1999, C. 699, PT. A, §2 (NEW)
9-1329. 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. [1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF).]
(1). A security interest held by a secured party having control of the letter-of-credit right under section 9-1107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
[ 1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF) .]
(2). Security interests perfected by control under section 9-1314 rank according to priority in time of obtaining control.
[ 1999, c. 699, Pt. A, 2 (NEW); 1999, c. 699, Pt. A, 4 (AFF) .]
SECTION HISTORY
1999, c. 699, A2 (NEW). 1999, c. 699, A4 (AFF).
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