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 55-9-107 NMSA 1978 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 55-9-314 NMSA 1978 rank according to priority in time of obtaining control. History: 1978 Comp., § 55-9-329, enacted by Laws 2001, ch. 139, § 49.