2010 New York Code
UCC - Uniform Commercial Code
Article 9 - SECURED TRANSACTIONS
Part 3 - PERFECTION AND PRIORITY
Sub Part 3 - (9-317 - 9-339) PRIORITY
9-329 - Priority of Security Interests in Letter-of-credit Right

Section 9--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:
    (a) A  security interest held by a secured party having control of the
  letter-of-credit right under Section 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.
    (b) Security interests perfected by control under Section 9--314  rank
  according to priority in time of obtaining control.