The following rules govern priority among conflicting security interests in the same letter-of-credit right. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(1). A security interest held by a secured party having control of the letter-of-credit right under section 9‑1107 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 section 9‑1314 rank according to priority in time of obtaining control.