2006 Minnesota Code
Chapters 324 - 338 Trade Regulations, Consumer Protection
Chapter 336 Uniform Commercial Code
Section 336.9-329 PRIORITY OF SECURITY INTERESTS IN LETTER OF CREDIT RIGHT.
336.9-329 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
section
336.9-107 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 section
336.9-314 rank according to priority
in time of obtaining control.
History: 2000 c 399 art 1 s 49
Disclaimer: These codes may not be the most recent version. Minnesota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
