AS 45.29.329

Priority of security interests in letter-of-credit right

Known as the Uniform Commercial Code

The act spans §§ 45–45 (615 sections).

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 AS 45.29.107 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 AS 45.29.314 rank according to priority in time of obtaining control.

Official source: Alaska State Legislature. Reproduced from public-domain Alaska statutes; confirm against the official source for the current text. Not legal advice.