O.C.G.A.
O.C.G.A. § 11-9-329 (2019)
Priority of security interests in letter of credit right
✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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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 Code Section 11-9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control; and
(2) Security interests perfected by control under Code Section 11-9-314 rank according to priority in time of obtaining control.
History
Code 1981, § 11-9-329, enacted by Ga. L. 2001, p. 362, § 1.
Annotations
RESEARCH REFERENCES U.L.A. Uniform Commercial Code (U.L.A.) § 9329.