2279

The following rules govern priority among conflicting security interests in the same letter-of-credit right:\n(1) A security interest held by a secured party having control of the letter-of-credit right under § 2217 of this title has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.\n(2) Security interests perfected by control under § 2264 of this title rank according to priority in time of obtaining control.\nHistory —Sept. 19, 1996, No. 241, added as § 9-329 on Jan. 17, 2012, No. 21, § 11, eff. 1 year after Jan. 17, 2012.