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 § 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 § 9-314 rank according to priority in time of obtaining control.
Structure Maryland Statutes
Title 9 - Secured Transactions
Subtitle 3 - Perfection and Priority
Section 9-301 - Law Governing Perfection and Priority of Security Interests
Section 9-302 - Law Governing Perfection and Priority of Agricultural Liens
Section 9-304 - Law Governing Perfection and Priority of Security Interests in Deposit Accounts
Section 9-305 - Law Governing Perfection and Priority of Security Interests in Investment Property
Section 9-307 - Location of Debtor
Section 9-308 - When Security Interest or Agricultural Lien Is Perfected; Continuity of Perfection
Section 9-309 - Security Interest Perfected Upon Attachment
Section 9-314 - Perfection by Control
Section 9-315 - Secured Party's Rights on Disposition of Collateral and in Proceeds
Section 9-316 - Continued Perfection of Security Interest Following Change in Governing Law
Section 9-319 - Rights and Title of Consignee With Respect to Creditors and Purchasers
Section 9-320 - Buyer of Goods
Section 9-321 - Licensee of General Intangible and Lessee of Goods in Ordinary Course of Business
Section 9-323 - Future Advances
Section 9-324 - Priority of Purchase-Money Security Interests
Section 9-325 - Priority of Security Interests in Transferred Collateral
Section 9-326 - Priority of Security Interests Created by New Debtor
Section 9-327 - Priority of Security Interests in Deposit Account
Section 9-328 - Priority of Security Interests in Investment Property
Section 9-329 - Priority of Security Interests in Letter-of-Credit
Section 9-330 - Priority of Purchaser of Chattel Paper or Instrument
Section 9-332 - Transfer of Money; Transfer of Funds From Deposit Account
Section 9-333 - Priority of Certain Liens Arising by Operation of Law
Section 9-334 - Priority of Security Interests in Fixtures and Crops
Section 9-336 - Commingled Goods
Section 9-337 - Priority of Security Interests in Goods Covered by Certificate of Title
Section 9-339 - Priority Subject to Subordination
Section 9-340 - Effectiveness of Right of Recoupment or Set-Off Against Deposit Account
Section 9-341 - Bank's Rights and Duties With Respect to Deposit Account
Section 9-342 - Bank's Right to Refuse to Enter Into or Disclose Existence of Control Agreement