Sec. 42a-9-329. Priority of security interests in letter-of-credit right.
Sec. 42a-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 section 42a-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 section 42a-9-314 rank according
to priority in time of obtaining control.
(P.A. 01-132, S. 49.)