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Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 9. · Article 9. SECURED TRANSACTIONS · Part 3. PERFECTION AND PRIORITY

11-9-329. Priority of security interests in letter of credit right.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. The following rules govern priority among conflicting security interests in the same letter of credit right:

  2. (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#

  3. (2)

    Security interests perfected by control under Code Section 11-9-314 rank according to priority in time of obtaining control.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

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

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-2022-pdf.pdf, Volume V9, 2022 edition, page 825; merge action: carried; file SHA-256 ad397fccbf21.