Commercial Code section 9329

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 Section 9107 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 Section 9314 rank according to priority in time of obtaining control.

Source: Section 9329, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=COM§ionNum=9329.­ (updated Jan. 1, 2000; accessed Jun. 25, 2025).

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Verified:
Jun. 25, 2025

§ 9329's source at ca​.gov