Deposit accounts. This Article's priority rules applicable to deposit accounts are found in Section 9-327 [Maine cite section 9-1327]. They are patterned on and are similar to those for investment property in former Section 9-115 and Section 9-328 of this Article. Under Section 9-327 [Maine cite section 9-1327], if a secured party has control of a deposit account, its security interest is senior to a security interest perfected in another manner (i.e., as cash proceeds). Also under Section 9-327 [Maine cite section 9-1327], security interests perfected by control rank according to the time that control is obtained, but as between a depositary bank's security interest and one held by another secured party, the depositary bank's security interest is senior. A corresponding rule in Section 9-340 [Maine cite section 9-1340] makes a depositary bank's right of set-off generally senior to a security interest held by another secured party. However, if the other secured party becomes the depositary bank's customer with respect to the deposit account, then its security interest is senior to the depositary bank's security interest and right of set-off. Sections 9-327, 9-340 [Maine cite sections 9-1327, 9-1340].

Letter-of-credit rights. The priority rules for security interests in letter-of-credit rights are found in Section 9-329 [Maine cite section 9-1329]. They are somewhat analogous to those for deposit accounts. A security interest perfected by control has priority over one perfected in another manner (i.e., as a supporting obligation for the collateral in which a security interest is perfected). Security interests in a letter-of-credit right perfected by control rank according to the time that control is obtained. However, the rights of a transferee beneficiary or a nominated person are independent and superior to the extent provided in Section 5-114. See Section 9-109(c)(4) [Maine cite section 9-1109, subsection (3), paragraph (d)].

Chattel paper and instruments. Section 9-330 [Maine cite section 9-1330] is the successor to former Section 9-308. As under former Section 9-308, differing priority rules apply to purchasers of chattel paper who give new value and take