Section 75-9-329 - Priority of security interests in letter-of-credit rightThe 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 75-9-107 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 75-9-314 rank according to priority in time of obtaining control.Derived from former 1972 Code § 75-9-115 [Laws, 1996, ch. 468, § 59, eff. 7/1/1996] and enacted by Laws, 2001, ch. 495, § 1, eff. 1/1/2002.