(810 ILCS 5/9-329) Sec. 9-329. Priority of security interests in letter-of-credit right. The
following rules govern priority among conflicting security interests in the
letter-of-credit right: (1) A security interest held by a secured party
having control of the letter-of-credit right under Section 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
Section 9-314 rank according to priority in time of obtaining control.