2011 Wisconsin Laws 409.329 – Priority of security interests in letter-of-credit right
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409.329
409.329 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:
409.329(1)
(1) Control by secured party. A security interest held by a secured party having control of the letter-of-credit right under § 409.107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
409.329(2)
(2) Priority in time of control. Security interests perfected by control under § 409.314 rank according to priority in time of obtaining control.