Section 9329.
Cal. Commercial Code - COM § 9329.
in effectThe 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 9107 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 9314 rank according to priority in time of obtaining control.
Source: CA Legislative Counsel Bulk DataURL: https://downloads.leginfo.legislature.ca.gov/pubinfo_2025.zipFetched: 6/27/2026