N.Y. Uniform Commercial Code Law § 9-329: Priority of Security Interests in Letter-of-credit Right

Section 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:

(a) 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.

(b) Security interests perfected by control under Section 9--314 rank

according to priority in time of obtaining control.