Sec. 9-329.1. Priority of Security Interests in Beneficial Interest in an Illinois Land Trust.
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/il/chapter-810/act-5/9-329-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 9-329.1. Priority of Security Interests in Beneficial Interest in an Illinois Land Trust. The following rules govern priority among conflicting security interests in the same beneficial interest in an Illinois land trust:
(1)A security interest held by a secured party having control of the beneficial
interest under Section 9-107.1 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.