57A-9-329. Priority among conflicting security interests in same 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 §57A-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.(2)Security interests perfected by control under §57A-9-314 rank according to priority in time of obtaining control. Source: SL 2000, ch 231.
South Dakota Legal Code