Wis. Stat. § 409.329: 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) Control by secured party. A security interest held by a secured party having control of the letter-of-credit right under s. 409.107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.

(2) Priority in time of control. Security interests perfected by control under s. 409.314 rank according to priority in time of obtaining control.