North Dakota Code 41-09-49 – (9-329) Priority of security interests in letter-of-credit right
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The following rules govern priority among conflicting security interests in the same letter-of-credit right:
Terms Used In North Dakota Code 41-09-49
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
1. A security interest held by a secured party having control of the letter-of-credit right under section 41-09-07 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 41-09-34 rank according to priority in time of obtaining control.