§25-9-329. 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 G.S. 25-9-107 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 G.S. 25-9-314 rank according to priority in time of obtaining control.

(1997-181, s. 5; 2000-169, s. 1.)