11-9-329. Priority of security interests in letter of credit right.
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/ga/title-11-commercial-code/subpart-3-priority/11-9-329·A 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:
A security interest held by a secured party having control of the letter of credit right under Code Section 11-9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control; and
Security interests perfected by control under Code Section 11-9-314 rank according to priority in time of obtaining control.