§ 7-9a-329

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 7-9A-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 7-9A-314 rank according to priority in time of obtaining control.(Act 2001-481, p. 647, §1.)