CODE OF VIRGINIA

PRIORITY OF SECURITY INTERESTS IN LETTER-OF-CREDIT RIGHT (§ 8.9A-329)

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 § 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. Security interests perfected by control under § 8.9A-314 rank according
to priority in time of obtaining control.

HISTORY: 2000, c. 1007.