Section 34.1-9-329 - Priority of security interests in letter-of-credit right(a) The following rules govern priority among conflicting security interests in the same letter-of-credit right: (i) A security interest held by a secured party having control of the letter-of-credit right under section 34.1-9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control;(ii) Security interests perfected by control under section 34.1-9-314 rank according to priority in time of obtaining control.