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 § 4-9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
(2) Security interests perfected by control under § 4-9-314 rank according to priority in time of obtaining control.
Structure Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 1 - Uniform Commercial Code
Chapter 9 - Secured Transactions
Part 3 - Perfection and Priority
§ 4-9-317. Interests that take priority over or take free of security interest or agricultural lien
§ 4-9-319. Rights and title of consignee with respect to creditors and purchasers
§ 4-9-321. Licensee of general intangible and lessee of goods in ordinary course of business
§ 4-9-324. Priority of purchase-money security interests
§ 4-9-325. Priority of security interests in transferred collateral
§ 4-9-326. Priority of security interests created by new debtor
§ 4-9-327. Priority of security interests in deposit account
§ 4-9-328. Priority of security interests in investment property
§ 4-9-329. Priority of security interests in letter-of-credit right
§ 4-9-330. Priority of purchaser of chattel paper or instrument
§ 4-9-332. Transfer of money — Transfer of funds from deposit account
§ 4-9-333. Priority of certain liens arising by operation of law
§ 4-9-334. Priority of security interests in fixtures and crops
§ 4-9-337. Priority of security interests in goods covered by certificate of title