§ 26-1-9-1-329

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 IC 26-1-9.1-107 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 IC 26-1-9.1-314 rank according to priority in time of obtaining control.As added by P.L.57-2000, SEC.45.