There is a newer version of the Maryland Code
Maryland Commercial Law Section 9-329
§ 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.
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