The following rules govern priority among conflicting security interests in the same letter-of-credit right: (a) A security interest held by a secured party having control of the letter-of-credit right under Section 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. (b) Security interests perfected by control under Section 9--314 rank according to priority in time of obtaining control.
New York Legal Code