N.C. Gen. Stat. § 25-9-329
Priority of security interests in letter-of-credit right
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
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 G.S. 25-9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
(1) A security interest held by a secured party having control of the letter-of-credit right under G.S. 25-9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
(2) Security interests perfected by control under G.S. 25-9-314 rank according to priority in time of obtaining control.
(2) Security interests perfected by control under G.S. 25-9-314 rank according to priority in time of obtaining control.
History
(1997-181, s. 5; 2000-169, s. 1.)
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.