Mich. Comp. Laws § 440.9329: Priority of security interests in letter-of-credit right.

Sec. 9329.

The following rules govern priority among conflicting security interests in the same letter-of-credit right:

A security interest held by a secured party having control of the letter-of-credit right under section 9107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.

Security interests perfected by control under section 9314 rank according to priority in time of obtaining control.