Priority of security interests in letter-of-credit right.
Del. Code tit. 6, § 9-329
in effectThe 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 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 Section 9-314 rank according to priority in time of obtaining control.
Source: DE Code (Official Site)URL: https://delcode.delaware.gov/title6/c009/sc03/index.htmlFetched: 10/4/2026