Title 11, Chapter 9, Section 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) A security interest held by a secured party having control of the letter of credit right under Code Section 11-9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control; and
(2) Security interests perfected by control under Code Section 11-9-314 rank according to priority in time of obtaining control.