Section 409.329. 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)   Control by secured party. A security interest held by a secured party having control of the letter-of-credit right under s. 409.107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.

(2)   Priority in time of control. Security interests perfected by control under s. 409.314 rank according to priority in time of obtaining control.

2001 a. 10 .