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 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 section 9-314 rank according to priority in time of obtaining control.
Note: WV Code updated with legislation passed through the 2013 1st Special Session
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