Priority of security interests in letter-of-credit rights
Ind. Code § 26-1-9.1-329
in effectSec. 329. 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 IC 26-1-9.1-107 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 IC 26-1-9.1-314 rank according to priority in time of obtaining control.
As added by P.L.57-2000, SEC.45.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/26Fetched: 10/17/2026