11 M.R.S. §9-1329: 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 section 9‑1107 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 9‑1314 rank according to priority in time of obtaining control.