7-9A-329
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, §1.)...
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7-9A-312
Section 7-9A-312 Perfection of certain security interests by filing; temporary perfection.
(a) Perfection by filing permitted. A security interest in chattel paper, negotiable documents,
instruments, or investment property may be perfected by filing. (b) Control or possession
of certain collateral. Except as otherwise provided in Section 7-9A-315(c) and (d) for proceeds:
(1) a security interest in a deposit account may be perfected only by control under Section
7-9A-314; (2) and except as otherwise provided in Section 7-9A-308(d), a security interest
in a letter-of-credit right may be perfected only by control under Section 7-9A-314; and (3)
a security interest in money may be perfected only by the secured party's taking possession
under Section 7-9A-313. (c) Goods covered by negotiable document. While goods are in the possession
of a bailee that has issued a negotiable document covering the goods: (1) a security interest
in the goods may be perfected by perfecting a security interest...
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7-9A-102
term includes: (A) proceeds to which a security interest attaches; (B) accounts, chattel paper,
payment intangibles, and promissory notes that have been sold; and (C) goods that are the
subject of a consignment. (13) "Commercial tort claim" means a claim arising in
tort with respect to which: (A) the claimant is an organization; or (B) the claimant is an
individual and the claim: (i) arose in the course of the claimant's business or profession;
and (ii) does not include damages arising out of personal injury to or the death
of an individual. (14) "Commodity account" means an account maintained by a commodity
intermediary in which a commodity contract is carried for a commodity customer. (15) "Commodity
contract" means a commodity futures contract, an option on a commodity futures contract,
a commodity option, or another contract if the contract or option is: (A) traded on or subject
to the rules of a board of trade that has been designated as a contract market for such a
contract...
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7-9A-409
Section 7-9A-409 Restrictions on assignment of letter-of-credit rights ineffective. (a) Term
or law restricting assignment generally ineffective. A term in a letter of credit or a rule
of law, statute, regulation, custom, or practice applicable to the letter of credit which
prohibits, restricts, or requires the consent of an applicant, issuer, or nominated person
to a beneficiary's assignment of or creation of a security interest in a letter-of-credit
right is ineffective to the extent that the term or rule of law, statute, regulation, custom,
or practice: (1) would impair the creation, attachment, or perfection of a security interest
in the letter-of-credit right; or (2) provides that the assignment or the creation, attachment,
or perfection of the security interest may give rise to a default, breach, right of recoupment,
claim, defense, termination, right of termination, or remedy under the letter-of-credit right.
(b) Limitation on ineffectiveness under subsection (a). To the extent...
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7-9A-203
is not necessary to make a security interest in the property enforceable. (f) Proceeds and
supporting obligations. The attachment of a security interest in collateral gives the secured
party the rights to proceeds provided by Section 7-9A-315 and is also attachment of a security
interest in a supporting obligation for the collateral. (g) Lien securing right to payment.
The attachment of a security interest in a right to payment or performance secured by a security
interest or other lien on personal or real property is also attachment of a security
interest in the security interest, mortgage, or other lien. (h) Security entitlement carried
in securities account. The attachment of a security interest in a securities account is also
attachment of a security interest in the security entitlements carried in the securities account.
(i) Commodity contracts carried in commodity account. The attachment of a security interest
in a commodity account is also attachment of a security interest in...
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7-9A-109
Section 7-9A-109 Scope. (a) General scope of article. Except as otherwise provided in subsections
(c) and (d), this article applies to: (1) a transaction, regardless of its form, that creates
a security interest in personal property or fixtures by contract; (2) an agricultural
lien; (3) a sale of accounts, chattel paper, payment intangibles, or promissory notes; (4)
a consignment; (5) a security interest arising under Section 7-2-401, 7-2-505, 7-2-711(3),
or 7-2A-508(5), as provided in Section 7-9A-110; and (6) a security interest arising under
Section 7-4-210 or 7-5-118. (b) Security interest in secured obligation. The application of
this article to a security interest in a secured obligation is not affected by the fact that
the obligation is itself secured by a transaction or interest to which this article does not
apply. (c) Extent to which article does not apply. This article does not apply to the extent
that: (1) a statute, regulation, or treaty of the United States preempts this...
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7-2A-309
of the lease agreement but subject to the lease agreement and this article, or (ii) if necessary
to enforce other rights and remedies of the lessor or lessee under this article, remove the
goods from the real estate, free and clear of all conflicting interests of all owners and
encumbrancers of the real estate, but the lessor or lessee must reimburse any encumbrancer
or owner of the real estate who is not the lessee and who has not otherwise agreed for the
cost of repair of any physical injury, but not for any diminution in value of the real
estate caused by the absence of the goods removed or by any necessity of replacing them. A
person entitled to reimbursement may refuse permission to remove until the party seeking removal
gives adequate security for the performance of this obligation. (9) Even though the lease
agreement does not create a security interest, the interest of a lessor of fixtures, including
the lessor's residual interest, is perfected by filing a financing...
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7-9A-328
Section 7-9A-328 Priority of security interests in investment property. The following rules
govern priority among conflicting security interests in the same investment property: (1)
A security interest held by a secured party having control of investment property under Section
7-9A-106 has priority over a security interest held by a secured party that does not have
control of the investment property. (2) Except as otherwise provided in paragraphs (3) and
(4), conflicting security interests held by secured parties each of which has control under
Section 7-9A-106 rank according to priority in time of: (A) if the collateral is a security,
obtaining control; (B) if the collateral is a security entitlement carried in a securities
account and: (i) if the secured party obtained control under Section 7-8-106(d)(1), the secured
party's becoming the person for which the securities account is maintained; (ii) if the secured
party obtained control under Section 7-8-106(d)(2), the securities...
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7-9A-306
Section 7-9A-306 Law governing perfection and priority of security interests in letter-of-credit
rights. (a) Governing law: Issuer's or nominated person's jurisdiction. Subject to subsection
(c), the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs
perfection, the effect of perfection or nonperfection, and the priority of a security interest
in a letter-of-credit right if the issuer's jurisdiction or nominated person's jurisdiction
is a State. (b) Issuer's or nominated person's jurisdiction. For purposes of this part, an
issuer's jurisdiction or nominated person's jurisdiction is the jurisdiction whose law governs
the liability of the issuer or nominated person with respect to the letter-of-credit right
as provided in Section 7-5-116. (c) When section not applicable. This section does not apply
to a security interest that is perfected only under Section 7-9A-308(d). (Act 2001-481, p.
647, §1.)...
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7-9A-327
Section 7-9A-327 Priority of security interests in deposit account. 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 7-9A-104
has priority over a conflicting security interest held by a secured party that does not have
control. (2) Except as otherwise provided in paragraphs (3) and (4), security interests perfected
by control under Section 7-9A-314 rank according to priority in time of obtaining control.
(3) Except as otherwise provided in paragraph (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
7-9A-104(a)(3) has priority over a security interest held by the bank with which the deposit
account is maintained. (Act 2001-481, p. 647, §1.)...
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