N.D. Cent. Code § 41-09-49: (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 section 41-09-07 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 41-09-34 rank according to priority in time of obtaining control.