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2019 Alaska Statutes
Title 45. Trade and Commerce
Chapter 29. Secured Transactions
Article 3. Perfection and Priority.
Sec. 45.29.329. Priority of security interests in letter-of-credit right.
Universal Citation: AK Stat § 45.29.329 (2019)
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 AS 45.29.107 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 AS 45.29.314 rank according to priority in time of obtaining control.
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