State Codes and Statutes

Statutes > Arizona > Title47 > 47-9329

47-9329. 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 47-9107 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 47-9314 rank according to priority in time of obtaining control.

State Codes and Statutes

Statutes > Arizona > Title47 > 47-9329

47-9329. 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 47-9107 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 47-9314 rank according to priority in time of obtaining control.


State Codes and Statutes

State Codes and Statutes

Statutes > Arizona > Title47 > 47-9329

47-9329. 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 47-9107 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 47-9314 rank according to priority in time of obtaining control.