The following rules govern priority among conflicting security interests in the same letter-of-credit right:

1. (1) A security interest held by a secured party having control of the letter-of-credit right under Section 1-9-107 of this title has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.

2. (2) Security interests perfected by control under Section 1-9-314 of this title rank according to priority in time of obtaining control.

   Historical Data Laws 2000, SB 1519, c. 371, § 56, eff. July 1, 2001. Oklahoma Code Comment None.