400.9-329. Priority of security interests in letter-of-credit right. — 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 section 400.9-107 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 section 400.9-314 rank according to priority in time of obtaining control.
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(L. 2001 S.B. 288)
Effective 7-01-01