Ohio Rev. Code Ann. § 1309.329 – Priority of security interests in letter-of-credit right - UCC 9-329 | Midpage
§ 1309.329
Ohio Rev. Code Ann. § 1309.329
Priority of security interests in letter-of-credit right - UCC 9-329
Effective Jul 1, 2001Senate Bill 74 - 124th General Assembly
The following govern priority among conflicting security interests in the same letter-of-credit right:
(A) A security interest held by a secured party having control of the letter-of-credit right under section 1309.107 of the Revised Code has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
(B) Security interests perfected by control under section 1309.314 of the Revised Code rank according to priority in time of obtaining control.