New Jersey Statutes Title 12A. Commercial Transactions 12A § 9-329

 (1) A security interest held by a secured party having control of the letter-of-credit right under 12A: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 12A:9-314 rank according to priority in time of obtaining control.