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The Florida Statutes

The 2010 Florida Statutes(including Special Session A)

Title XXXIX
COMMERCIAL RELATIONS
Chapter 679
UNIFORM COMMERCIAL CODE: SECURED TRANSACTIONS
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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.

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