Section 55-9-329 - Priority of security interests in letter-of-credit right. - New Mexico Statutes

55-9-329. 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 55-9-107 NMSA 1978 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 55-9-314 NMSA 1978 rank according to priority in time of obtaining control.