Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/7-9A-329.htm |
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Depth: | 0 singles |
Size: | 909 bytes |
Modified: | 2003-01-17 10:38:54 |
Categories: | -None- |
Title: | 7-9A-329 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 7-9A-329 Priority of security interests in 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 7-9A-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 Section 7-9A-314 rank according to priority in time of obtaining control. (Act 2001-481, p. 647, ยง1.) |