12A:9-329. 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)   A security interest held by a secured party having control of the letter-of-credit right under 12A: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 12A:9-314 rank according to priority in time of obtaining control.

   L.2001, c.117, s.1; amended 2001, c.386, s.45.