47-9329. 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 47-9107 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 47-9314 rank according to priority in time of obtaining control.
Arizona Legal Code