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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 9A : Uniform Commercial Code

Article 009 : Secured Transactions

(Cite as: 9A V.S.A. § 9-329)
  • § 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 section 9- 107 of this title 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 9- 314 of this title rank according to priority in time of obtaining control. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)