57A-9-329. Priority among conflicting security interests in same letter-of-credit right.
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/sd/title-57/chapter-57-9/57a-9-329A 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 § 57A-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 § 57A-9-314 rank according to priority in time of obtaining control.