Section 11-9-329 - 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 Code Section 11-9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control; and(2) Security interests perfected by control under Code Section 11-9-314 rank according to priority in time of obtaining control.Added by 2001 Ga. Laws 191, § 1, eff. 7/1/2001.