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 § 4-9-107 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 § 4-9-314 rank according to priority in time of obtaining control.
Section: Previous 4-9-322 4-9-323 4-9-324 4-9-325 4-9-326 4-9-327 4-9-328 4-9-329 4-9-330 4-9-331 4-9-332 4-9-333 4-9-334 4-9-335 4-9-336 NextLast modified: November 15, 2016