The following rules govern priority among conflicting security interests in the same life insurance policy: (1) A security interest held by an insurer has priority over a conflicting security interest held by another secured party. (2) A secured party that has control over the life insurance policy has priority over a conflicting security interest held by a secured party without control. (3) Except as otherwise provided in Paragraph (1), security interests perfected by control under R.S. 10:9-314 rank according to priority in time of obtaining control.
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