State Codes and Statutes
Statutes > Wisconsin > 409 > 409.329409.329
409.329 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:409.329(1)
(1) Control by secured party. A security interest held by a secured party having control of the letter-of-credit right under s. 409.107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.409.329(2)
(2) Priority in time of control. Security interests perfected by control under s. 409.314 rank according to priority in time of obtaining control.409.329 - ANNOT.
History: 2001 a. 10.