UCC 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 ORS 79A.1070 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 ORS 79A.3140 rank according to priority in time of obtaining control. [Formerly 79.0329]