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O.C.G.A. § 11-9-329 — Priority of security interests in letter of credit right | Georgia Code
O.C.G.A. § 11-9-329 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 11 COMMERCIAL CODE

Section 9. Secured Transactions, 11-9-101 through 11-9-809.

ARTICLE 9 SECURED TRANSACTIONS

PART 3 PRIORITY

11-9-329. 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 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.

(Code 1981, §11-9-329, enacted by Ga. L. 2001, p. 362, § 1.)

RESEARCH REFERENCES

U.L.A.

- Uniform Commercial Code (U.L.A.) § 9-329.

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This Georgia Code resource is curated by Graham Syfert, a personal injury and workers' compensation attorney admitted in Georgia (State Bar of Georgia No. 881027, since 2006) and Florida. For legal consultation, call 904-383-7448.