There is a newer version
of
the New York Laws
2017 New York Laws
UCC - Uniform Commercial Code
Article 9 - Secured Transactions
Part 3 - Perfection and Priority
Sub Part 3 - Priority
9-329 - Priority of Security Interests in Letter-of-Credit Right
Universal Citation: NY UCC § 9-329 (2017)
Section 9--329. Priority of Security Interests in Letter-of-creditRight.
The following rules govern priority among conflicting security interests in the same letter-of-credit right:
(a) A security interest held by a secured party having control of the letter-of-credit right under Section 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.
(b) Security interests perfected by control under Section 9--314 rank according to priority in time of obtaining control.
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