right. 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 1-9-107 of this title 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 1-9- 314 of this title rank according to priority in time of obtaining control. Added by Laws 2000, c. 371, § 56, eff. July 1, 2001.