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2017 Maryland Code
Commercial Law
Title 9 - Secured Transactions
Subtitle 3 - Perfection and Priority
§ 9-329. Priority of security interests in letter-of-credit
Universal Citation: MD Comm L Code § 9-329 (2017)
- 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 § 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 § 9-314 rank according to priority in time of obtaining control.
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