Priority of security interests in letter-of-credit right

1. Law
2. Arizona Revised Statutes
3. Uniform Commercial Code
4. Priority of security interests in letter-of-credit right

47-9329. 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 47-9107 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 47-9314 rank according to priority in time of obtaining control.

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