2015 Arizona Revised Statutes
Title 47 - Uniform Commercial Code
§ 47-9329 Priority of security interests in letter-of-credit right
47-9329. 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 47-9107 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 47-9314 rank according to priority in time of obtaining control.
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