2004 Minnesota Statutes

     336.9-329 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 section 336.9-107 
 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 
 336.9-314 rank according to priority in time of obtaining 
 control. 

    HIST: 2000 c 399 art 1 s 49