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 section 9—107 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. (2) Security interests perfected by control under section 9—314 of this title rank according to priority in time of obtaining control. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)
Vermont Legal Code