§ 25-9-329. Priority of security interests in letter-of-credit right.
§25‑9‑329. Priority of security interests in letter‑of‑creditright.
The following rules governpriority among conflicting security interests in the same letter‑of‑creditright:
(1)Â Â Â Â Â Â Â A security interestheld by a secured party having control of the letter‑of‑creditright under G.S. 25‑9‑107 has priority to the extent of its controlover a conflicting security interest held by a secured party that does not havecontrol.
(2)Â Â Â Â Â Â Â Security interestsperfected by control under G.S. 25‑9‑314 rank according to priorityin time of obtaining control. (1997‑181, s. 5; 2000‑169,s. 1.)