- (1) A security interest held by a secured party having control of the letter-of-credit right under § 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 § 9-314 rank according to priority in time of obtaining control.
The following rules govern priority among conflicting security interests in the same letter-of-credit right:
Added by Acts 1999, c. 282, § 2, eff. July 1, 2001.