(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.)
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Last modified: February 18, 2015