Okla. Stat. tit. 12A, § 12A-1-9-329: Priority of security interests in letter-of-credit

right.

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 1-9-107 of this title

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 1-9-

314 of this title rank according to priority in time of obtaining

control.