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S.C. Code Ann. § 36-9-327

Priority of security interests in deposit account

Known as the Uniform Commercial Code

The act spans §§ 36–36 (519 sections).

2001 Act No. 67, SECTION 12.

The following rules govern priority among conflicting security interests in the same deposit account:

(1) A security interest held by a secured party having control of the deposit account under Section 36-9-104 has priority over a conflicting security interest held by a secured party that does not have control.

(2) Except as otherwise provided in items (3) and (4), security interests perfected by control under Section 36-9-314 rank according to priority in time of obtaining control.

(3) Except as otherwise provided in item (4), a security interest held by the bank with which the deposit account is maintained has priority over a conflicting security interest held by another secured party.

(4) A security interest perfected by control under Section 36-9-104(a)(3) has priority over a security interest held by the bank with which the deposit account is maintained.

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