There is a newer version of the Maine Revised Statutes
2005 Maine Code - §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); §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); §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); §4 (aff).]
Section History:
PL 1999, Ch. 699, §A2 (NEW).
PL 1999, Ch. 699, §A4 (AFF).
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