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2016 Kentucky Revised Statutes
CHAPTER 355 - UNIFORM COMMERCIAL CODE
Article 9 - Secured Transactions -- Sales of Accounts, Contract Rights, and Chattel Paper
355.9-329 Priority of security interests in letter-of-credit right.

KY Rev Stat § 355.9-329 (2016) What's This?

Download as PDF 355.9-329 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 KRS 355.9-107 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 KRS 355.9-314 rank according to priority in time of obtaining control. Effective: July 1, 2001 History: Created 2000 Ky. Acts ch. 408, sec. 69, effective July 1, 2001.

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