2010 Georgia Code
TITLE 11 - COMMERCIAL CODE
ARTICLE 9 - SECURED TRANSACTIONS
PART 3 - PERFECTION AND PRIORITY
PART 3 - PRIORITY
§ 11-9-329 - Priority of security interests in letter of credit right
. 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 Code Section 11-9-107
has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control; and
(2) Security interests perfected by control under Code Section 11-9-314
rank according to priority in time of obtaining control.
Graham Syfert - Jacksonville Lawyer