Priority of security interests in letter-of-credit right
KRS 355.9-329
in effect355.9-329. 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 KRS 355.9-107 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 KRS 355.9-314 rank according to priority in time of obtaining control.
Effective: July 1, 2001
History: Created 2000 Ky. Acts ch. 408, sec. 69, effective July 1, 2001.
Source: Kentucky Legislative Research Commission (legislature.ky.gov)URL: https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33782Fetched: 10/20/2026