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Ohio Rev. Code Ann. § 1309.329

Priority of security interests in letter-of-credit right - UCC 9-329

Known as the Uniform Commercial Code

The act spans §§ 1309.101–1309.709 (136 sections).

Effective: July 1, 2001; Latest Legislation: Senate Bill 74 - 124th General Assembly

The following govern priority among conflicting security interests in the same letter-of-credit right:

(A) A security interest held by a secured party having control of the letter-of-credit right under section 1309.107 of the Revised Code has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.

(B) Security interests perfected by control under section 1309.314 of the Revised Code rank according to priority in time of obtaining control.

Official source: Ohio Laws & Administrative Rules (Legislative Service Commission). Reproduced from public-domain Ohio statutes; confirm against the official source for the current text. Not legal advice.