Mass. Gen. Laws ch. 106, § 9-329: Priority of Security Interests in Letter-of-credit Right

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 Section 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 Section 9–314 rank according to priority in time of obtaining control.