Section 11-9-329. 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:

   (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.

Code 1981, § 11-9-329, enacted by Ga. L. 2001, p. 362, § 1.