- 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 § 57A-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 § 57A-9-314 rank according to priority in time of obtaining control.
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