{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.9A-329.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.9A-329.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.9A-329.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.9A-329.html"}],"law_id":66602,"edition_id":1,"section_id":66602,"structure_id":14251,"section_number":"8.9A-329","catch_line":"Priority of security interests in letter-of-credit right","history":"2000, c. 1007.","full_text":"The following rules govern priority among conflicting security interests in the same letter-of-credit right:\n\n1\n\nA security interest held by a secured party having control of the letter-of-credit right under § 8.9A-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\n\nSecurity interests perfected by control under § 8.9A-314 rank according to priority in time of obtaining control.","order_by":null,"text":{"0":{"id":241666,"text":"The following rules govern priority among conflicting security interests in the same letter-of-credit right:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":241667,"text":"A security interest held by a secured party having control of the letter-of-credit right under § 8.9A-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":241668,"text":"Security interests perfected by control under § 8.9A-314 rank according to priority in time of obtaining control.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1"}},"ancestry":[{"id":14251,"edition_id":1,"name":"Priority","identifier":"3","label":"subpart","depth":3,"order_by":1,"parent_id":13858,"metadata":{},"date_created":"2026-06-26 03:47:27","date_modified":"2026-06-26 03:47:27","permalink":{"id":284025,"object_type":"structure","relational_id":14251,"identifier":"3","token":"8.9A\/3\/3","url":"\/8.9A\/3\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13858,"edition_id":1,"name":"Perfection and Priority","identifier":"3","label":"part","depth":2,"order_by":1,"parent_id":13277,"metadata":{},"date_created":"2026-06-26 03:46:06","date_modified":"2026-06-26 03:46:06","permalink":{"id":283943,"object_type":"structure","relational_id":13858,"identifier":"3","token":"8.9A\/3","url":"\/8.9A\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13277,"edition_id":1,"name":"Commercial Code \u2014 Secured Transactions","identifier":"8.9A","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:33","date_modified":"2026-06-26 03:44:33","permalink":{"id":283833,"object_type":"structure","relational_id":13277,"identifier":"8.9A","token":"8.9A","url":"\/8.9A\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":62358,"structure_id":14251,"section_number":"8.9A-317","catch_line":"Interests that take priority over or take free of security interest or agricultural lien","url":"\/8.9A-317\/","token":"8.9A\/3\/3\/8.9A-317","metadata":false},{"id":78831,"structure_id":14251,"section_number":"8.9A-318","catch_line":"No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers","url":"\/8.9A-318\/","token":"8.9A\/3\/3\/8.9A-318","metadata":false},{"id":70155,"structure_id":14251,"section_number":"8.9A-319","catch_line":"Rights and title of consignee with respect to creditors and purchasers","url":"\/8.9A-319\/","token":"8.9A\/3\/3\/8.9A-319","metadata":false},{"id":62582,"structure_id":14251,"section_number":"8.9A-320","catch_line":"Buyer of goods","url":"\/8.9A-320\/","token":"8.9A\/3\/3\/8.9A-320","metadata":false},{"id":59162,"structure_id":14251,"section_number":"8.9A-321","catch_line":"Licensee of general intangible and lessee of goods in ordinary course of business","url":"\/8.9A-321\/","token":"8.9A\/3\/3\/8.9A-321","metadata":false},{"id":61423,"structure_id":14251,"section_number":"8.9A-322","catch_line":"Priorities among conflicting security interests in and agricultural liens on same collateral","url":"\/8.9A-322\/","token":"8.9A\/3\/3\/8.9A-322","metadata":false},{"id":65781,"structure_id":14251,"section_number":"8.9A-323","catch_line":"Future advances","url":"\/8.9A-323\/","token":"8.9A\/3\/3\/8.9A-323","metadata":false},{"id":72557,"structure_id":14251,"section_number":"8.9A-324","catch_line":"Priority of purchase-money security interests","url":"\/8.9A-324\/","token":"8.9A\/3\/3\/8.9A-324","metadata":false},{"id":61420,"structure_id":14251,"section_number":"8.9A-325","catch_line":"Priority of security interests in transferred collateral","url":"\/8.9A-325\/","token":"8.9A\/3\/3\/8.9A-325","metadata":false},{"id":62923,"structure_id":14251,"section_number":"8.9A-326","catch_line":"Priority of security interests created by new debtor","url":"\/8.9A-326\/","token":"8.9A\/3\/3\/8.9A-326","metadata":false},{"id":66791,"structure_id":14251,"section_number":"8.9A-326.1","catch_line":"Priority of security interest in controllable account, controllable electronic record, and controllable payment intangible","url":"\/8.9A-326.1\/","token":"8.9A\/3\/3\/8.9A-326.1","metadata":false},{"id":71092,"structure_id":14251,"section_number":"8.9A-327","catch_line":"Priority of security interests in deposit account","url":"\/8.9A-327\/","token":"8.9A\/3\/3\/8.9A-327","metadata":false},{"id":71019,"structure_id":14251,"section_number":"8.9A-328","catch_line":"Priority of security interests in investment property","url":"\/8.9A-328\/","token":"8.9A\/3\/3\/8.9A-328","metadata":false},{"id":66602,"structure_id":14251,"section_number":"8.9A-329","catch_line":"Priority of security interests in letter-of-credit right","url":"\/8.9A-329\/","token":"8.9A\/3\/3\/8.9A-329","metadata":false},{"id":62875,"structure_id":14251,"section_number":"8.9A-330","catch_line":"Priority of purchaser of chattel paper or instrument","url":"\/8.9A-330\/","token":"8.9A\/3\/3\/8.9A-330","metadata":false},{"id":66143,"structure_id":14251,"section_number":"8.9A-331","catch_line":"Priority of rights of purchasers of controllable accounts, controllable electronic records, controllable payment intangibles, documents, instruments and securities under other titles, priority of interests in financial assets and security entitlements and protection against assertion of claims under Titles 8.8A and 8.12","url":"\/8.9A-331\/","token":"8.9A\/3\/3\/8.9A-331","metadata":false},{"id":59890,"structure_id":14251,"section_number":"8.9A-332","catch_line":"Transfer of money, transfer of funds from deposit account","url":"\/8.9A-332\/","token":"8.9A\/3\/3\/8.9A-332","metadata":false},{"id":79779,"structure_id":14251,"section_number":"8.9A-333","catch_line":"Priority of certain liens arising by operation of law","url":"\/8.9A-333\/","token":"8.9A\/3\/3\/8.9A-333","metadata":false},{"id":71252,"structure_id":14251,"section_number":"8.9A-334","catch_line":"Priority of security interests in fixtures and crops","url":"\/8.9A-334\/","token":"8.9A\/3\/3\/8.9A-334","metadata":false},{"id":66095,"structure_id":14251,"section_number":"8.9A-335","catch_line":"Accessions","url":"\/8.9A-335\/","token":"8.9A\/3\/3\/8.9A-335","metadata":false},{"id":80265,"structure_id":14251,"section_number":"8.9A-336","catch_line":"Commingled goods","url":"\/8.9A-336\/","token":"8.9A\/3\/3\/8.9A-336","metadata":false},{"id":55482,"structure_id":14251,"section_number":"8.9A-337","catch_line":"Priority of security interests in goods covered by certificate of title","url":"\/8.9A-337\/","token":"8.9A\/3\/3\/8.9A-337","metadata":false},{"id":72213,"structure_id":14251,"section_number":"8.9A-338","catch_line":"Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information","url":"\/8.9A-338\/","token":"8.9A\/3\/3\/8.9A-338","metadata":false},{"id":61256,"structure_id":14251,"section_number":"8.9A-339","catch_line":"Priority subject to subordination","url":"\/8.9A-339\/","token":"8.9A\/3\/3\/8.9A-339","metadata":false}],"previous_section":{"id":71019,"structure_id":14251,"section_number":"8.9A-328","catch_line":"Priority of security interests in investment property","url":"\/8.9A-328\/","token":"8.9A\/3\/3\/8.9A-328","metadata":false},"next_section":{"id":62875,"structure_id":14251,"section_number":"8.9A-330","catch_line":"Priority of purchaser of chattel paper or instrument","url":"\/8.9A-330\/","token":"8.9A\/3\/3\/8.9A-330","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.9A-329\/","history_text":"

This law was first created in 2000. The record of its establishment is cataloged in chapter 1007<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":61423,"section_number":"8.9A-322","catch_line":"Priorities among conflicting security interests in and agricultural liens on same collateral","order_by":null,"url":"\/8.9A-322\/"}],"refers_to":[{"id":58690,"section_number":"8.9A-107","catch_line":"Control of letter-of-credit right","order_by":null,"url":"\/8.9A-107\/"},{"id":85234,"section_number":"8.9A-314","catch_line":"Perfection by control","order_by":null,"url":"\/8.9A-314\/"}],"permalink":{"id":284079,"object_type":"law","relational_id":66602,"identifier":"8.9A-329","token":"8.9A\/3\/3\/8.9A-329","url":"\/8.9A-329\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.9A-329\/","token":"8.9A\/3\/3\/8.9A-329","dublin_core":{"Title":"Priority of security interests in letter-of-credit right","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.9A-329","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The following rules govern priority among conflicting security interests in the same letter-of-credit right:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> A security interest held by a secured party<\/span> having control of the letter-of-credit right under § 8.9A-107<\/a> has priority to the extent of its control over a conflicting security interest held by a secured party<\/span> that does not have control. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Security interests perfected by control under § 8.9A-314<\/a> rank according to priority in time of obtaining control. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPRIORITY OF SECURITY INTERESTS IN LETTER-OF-CREDIT RIGHT (\u00a7 8.9A-329)\n\nThe following rules govern priority among conflicting security interests in the\nsame letter-of-credit right:\n\n1. A security interest held by a secured party having control of the\nletter-of-credit right under § 8.9A-107 has priority to the extent of its\ncontrol over a conflicting security interest held by a secured party that does\nnot have control.\n\n2. Security interests perfected by control under § 8.9A-314 rank according\nto priority in time of obtaining control.\n\nHISTORY: 2000, c. 1007.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}