S.C. Code Ann. § 36-9-329 – 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 Section 36-9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
(2) Security interests perfected by control under Section 36-9-314 rank according to priority in time of obtaining control.

HISTORY: 2001 Act No. 67, Section 12. "Letter-of-credit right" Section 36-9-102(a)(51) "Proceeds of a letter of credit" See Section 36-5-116(2) "Secured party" Section 36-9-102(a)(72) "Security interest" Section 36-1-201(37) [see now Section 36-1-203] "Supporting obligation" Section 36-9-102(a)(77)