{"data":{"id":"us-il/810-ilcs-5-9-329","jurisdiction":"us-il","citation":"810 ILCS 5/9-329","heading":"Priority of security interests in letter-of-credit right.","body":"The following rules govern priority among conflicting security interests in the same letter-of-credit right:\n(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.\n(2) Security interests perfected by control under Section 9-314 rank according to priority in time of obtaining control.","path":["CHAPTER 810 COMMERCIAL CODE","Uniform Commercial Code."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=2301\u0026ChapterID=66\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:47Z","sha256":"39f195d388b057bc62eaf774aa913b2a496925a6856f8ca229b3506e6e525ff3","source_id":"us-il","stale":false,"prev":"us-il/810-ilcs-5-9-328","next":"us-il/810-ilcs-5-9-329.1"},"notice":"GroundRules: Original legal text. Not legal advice."}