Priority among conflicting security interests in same 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 § 57A-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 § 57A-9-314 rank according to priority in time of obtaining control. Source: SL 2000, ch 231 .