Do Certain Spells Have Higher Priority Than Others?

Riot i was just wondering is there a "stack" in League of Legends. What i mean by stack is that when multiple things happen at the same time, i.e alistar knockup, ori ult and a rammus taunt, how does this event play out. Do certain moves/the order the moves are done in have a major affect on the outcome. Does priority ever matter and if so how does the client choose which instance has priority. I play MTG and the stack is a very important part of the game with priority being the most important and was wondering if there was something relatable in league.

Obviously i am aware that there is some sort of stack, i.e chaining cc, but was just wondering if priority was ever an issue.