§ 9329
73 words·~1 min read·
/ca/commercial-code/9329A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 9107 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 9314 rank according to priority in time of obtaining control.