N.Y. U.C.C. 9-329

Section 9--329. Priority of Security Interests in Letter-of-credit\n Right.\n The following rules govern priority among conflicting security\ninterests in the same letter-of-credit right:\n (a) A security interest held by a secured party having control of the\nletter-of-credit right under Section 9--107 has priority to the extent\nof its control over a conflicting security interest held by a secured\nparty that does not have control.\n (b) Security interests perfected by control under Section 9--314 rank\naccording to priority in time of obtaining control.\n