State Codes and Statutes
Statutes > New-mexico > Chapter-55 > Article-9 > Section-55-9-32955-9-329. Priority of security interests in letter-of-credit right.
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 Section 55-9-107 NMSA 1978 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 55-9-314 NMSA 1978 rank according to priority in time of obtaining control.
