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2006 Minnesota Statutes
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336.9-329 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
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
rank according to priority
in time of obtaining control.
History: 2000 c 399 art 1 s 49
Copyright © 2006 by the Revisor of Statutes, State of Minnesota. All rights reserved.