Tex. Bus. & Com. Code § 9.329 · Subchapter C. PERFECTION AND PRIORITY
PRIORITY OF SECURITY INTERESTS IN LETTER-OF-CREDIT RIGHT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
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 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 9.314 rank according to priority in time of obtaining control.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/BC/htm/BC.9.htm
- Text hash
- sha256 d3562007354b9f94485a9596472362db24fcc99e26542887be26044b5c69f851
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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