Iowa Code § 554.9329
Priority of security interests in letter-of-credit right
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2013
As of January 1, 2012
The following rules govern priority among conflicting security interests in the same letter-of-credit right:
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 554.9107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
1. A security interest held by a secured party having control of the letter-of-credit right under section 554.9107 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 554.9314 rank according to priority in time of obtaining control.
2. Security interests perfected by control under section 554.9314 rank according to priority in time of obtaining control.
Referred to in
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.