<?xml version='1.0' encoding='utf-8'?>
<section article="gcl" article_name="Commercial Law" number="9-329" title_number="9" title_name="Secured Transactions" subtitle_number="3" subtitle_name="Perfection and Priority">
  <text>The following rules govern priority among conflicting security interests in the same letter-of-credit right:</text>
  <level label="1">
    <text>A security interest held by a secured party having control of the letter-of-credit right under § 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.</text>
  </level>
  <level label="2">
    <text>Security interests perfected by control under § 9-314 rank according to priority in time of obtaining control.</text>
  </level>
</section>
