Maryland Commercial Law Section 9-329

      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 § 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.

            (2)      Security interests perfected by control under § 9-314 rank according to priority in time of obtaining control.