Effective: July 1, 2001 Latest Legislation: Senate Bill 74 - 124th General Assembly The following govern priority among conflicting security interests in the same letter-of-credit right: (A) A security interest held by a secured party having control of the letter-of-credit right under section 1309.107 of the Revised Code has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control. (B) Security interests perfected by control under section 1309.314 of the Revised Code rank according to priority in time of obtaining control.
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