ORS 79.0329 UCC 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:

A security interest held by a secured party having control of the letter-of-credit right under ORS 79.0107 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 ORS 79.0314 rank according to priority in time of obtaining control.