RS 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 R.S. 10:9-107 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 R.S. 10:9-314 rank according to priority in time of obtaining control.
Acts 2001, No. 128, §1, eff. July 1, 2001.