Priority of security interests in letter-of-credit right

1. Law
2. Arkansas Code
3. Business and Commercial Law
4. Uniform Commercial Code
5. Secured Transactions
6. Perfection and Priority
7. Priority
8. 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. (1) A security interest held by a secured party having control of the letter-of-credit right under § 4-9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.

2. (2) Security interests perfected by control under § 4-9-314 rank according to priority in time of obtaining control.

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