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 AS 45.29.107 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 AS 45.29.314 rank according to priority in time of obtaining control.
Section: Previous 45.29.322 45.29.323 45.29.324 45.29.325 45.29.326 45.29.327 45.29.328 45.29.329 45.29.330 45.29.331 45.29.332 45.29.333 45.29.334 45.29.335 45.29.336 NextLast modified: November 15, 2016