KRS 355.9-329: Priority of security interests in letter-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 KRS 355.9 -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 KRS 355.9 -314 rank according to

priority in time of obtaining control.