Corpus

Priority of security interests in letter-of-credit right.

Miss. Code Ann. § 75-9-329
in effect
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The following rules govern priority among conflicting security interests in the same letter-of-credit right: A security interest held by a secured party having control of the letter-of-credit right under Section 75-9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control. Security interests perfected by control under Section 75-9-314 rank according to priority in time of obtaining control.