28-9-329. 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 section 28-9-107 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 section 28-9-314 rank according to priority in time of obtaining control.
History:
[28-9-329, added 2001, ch. 208, sec. 2, p. 750.]