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New Jersey Statutes, Title: 12A, COMMERCIAL TRANSACTIONS
Chapter 9:
Section: 12A:9-329: Priority of security interests in letter-of-credit right.
12A: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 12A: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 12A:9-314 rank according to priority in time of obtaining control.
L.2001, c.117, s.1; amended 2001, c.386, s.45.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 12a:9-329 (if available):
Court decisions that cite this statute:
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