(9-329) Priority of security interests in letter-of-credit right
N.D. Cent. Code § 41-09-49
in effect41-09-49. (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 section 41-09-07 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 41-09-34 rank according to
priority in time of obtaining control.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t41c09.pdf#nameddest=41-09-49Fetched: 10/16/2026