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.)