The Florida Senate

679.329  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 s. 679.1071 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 s. 679.3141 rank according to priority in time of obtaining control.

History.--s. 3, ch. 2001-198.