§ 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.)