The following rules govern priority among conflicting security interests in the same life insurance policy:

(1)  A security interest held by an insurer has priority over a conflicting security interest held by another secured party.

(2)  A secured party that has control over the life insurance policy has priority over a conflicting security interest held by a secured party without control.

(3)  Except as otherwise provided in Paragraph (1), security interests perfected by control under La. Rev. Stat. 10:9-314 rank according to priority in time of obtaining control.

Acts 2001, No. 128, §1, eff. July 1, 2001.