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2012 Florida Statutes

Title XXXIX COMMERCIAL RELATIONS
Chapter 679 UNIFORM COMMERCIAL CODE: SECURED TRANSACTIONS Entire Chapter
SECTION 329
Priority of security interests in letter-of-credit right.
F.S. 679.329
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.