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Or. Rev. Stat. § 79A.3290 (2026)

UCC 9-329. Priority of security interests in letter-of-credit right

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      79A.3290 UCC 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 ORS 79A.1070 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 ORS 79A.3140 rank according to priority in time of obtaining control. [Formerly 79.0329]