409.329 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) Control by secured party. A security interest held by a secured party having control of the letter-of-credit right under s. 409.107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.(2) Priority in time of control. Security interests perfected by control under s. 409.314 rank according to priority in time of obtaining control.History: 2001 a. 10.
Wisconsin Legal Code