The following rules govern priority among conflicting security interests in the same letter-of-credit right: (1) CONTROL BY SECURED PARTY. A security interest held by a secured party having control of the letter-of-credit right under s. 409.107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control. (2) PRIORITY IN TIME OF CONTROL. Security interests perfected by control under s. 409.314 rank according to priority in time of obtaining control.
‹ Prev All Wisconsin sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.