2017 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 079 - Secured Transactions
Section 79.0329 - UCC 9-329. Priority of security interests in letter-of-credit right.

Universal Citation: OR Rev Stat § 79.0329 (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 ORS 79.0107 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 ORS 79.0314 rank according to priority in time of obtaining control. [2001 c.445 §49]

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