(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 same 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.
(Source: P.A. 91-893, eff. 7-1-01.)