12A:9-329 Priority of security interests in letter-of-credit right.
12A: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 12A: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 12A:9-314 rank according to priority in time of obtaining control.
L.2001, c.117, s.1; amended 2001, c.386, s.45.