Missouri Laws 400.9-329 – Priority of security interests in letter-of-credit right
Current as of: 2023 | Check for updates
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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 400.9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
Terms Used In Missouri Laws 400.9-329
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
(2) Security interests perfected by control under section 400.9-314 rank according to priority in time of obtaining control.