Article 27 - Priority: Letter of credit rights

(1) Priority between conflicting Security Interests in the same letter of credit right is as follows:
(A) a Security Interest held by a Secured Party which has control of the letter of credit right under paragraph (2) has priority to the extent of its control over a conflicting Security Interest held by a Secured Party that does not have control;
(B) Security Interests perfected by control rank according to priority in time of obtaining control; and
(C) in all other cases, priority among conflicting Security Interests in the same letter of credit right is governed by Article 24 (Default Priority Rules).
(2) A Secured Party has control of a letter of credit right to the extent of any right to payment or performance by the issuer or any Nominated Person if the issuer or Nominated Person has consented to an assignment of Proceeds of the letter of credit.