Oregon Statutes 79.0329 – UCC 9-329. Priority of security interests in letter-of-credit right
Current as of: 2023 | Check for updates
|
Other versions
The following rules govern priority among conflicting security interests in the same letter-of-credit right:
Terms Used In Oregon Statutes 79.0329
- Letter-of-credit right: means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. See Oregon Statutes 79.0102
(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]