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2018 Minnesota Statutes
Chapters 324 - 341 — TRADE REGULATIONS, CONSUMER PROTECTION
Chapter 336 — UNIFORM COMMERCIAL CODE
Section 336.9-329 — PRIORITY OF SECURITY INTERESTS IN LETTER OF CREDIT RIGHT.
Universal Citation: MN Stat § 336.9-329 (2018)
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
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