# Commercial Law (GCL)

## Title 9. Secured Transactions

### Subtitle 3. Perfection and Priority

#### Section 9-329

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 Sec. 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 Sec. 9-314 rank according to priority in time of obtaining control.

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Md. Code Ann., Com. Law (as displayed at mgaleg.maryland.gov, October 16, 2026)