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 § 8.9A-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 § 8.9A-314 rank according to priority in time of obtaining control.
History
2000, c. 1007.
