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 AS 45.29.107 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 AS 45.29.314 rank according to priority in time of obtaining control.
Alaska Legal Code