30-9-349. (Effective July 1, 2001) 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 30-9-127 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 30-9-334 rank according to priority in time of obtaining control.

     History: En. Sec. 48, Ch. 305, L. 1999.