Title 6A
Uniform Commercial Code
Chapter 9
Secured Transactions
Part 3
Perfection and Priority
Subpart 3
Priority
R.I. Gen. Laws § 6A-9-329
§ 6A-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 § 6A-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.
(2) Security interests perfected by control under § 6A-9-314 rank according to priority in time of obtaining control.
History of Section.
P.L. 2000, ch. 182, § 6; P.L. 2000, ch. 420, § 6.