70A-9a-306. Law governing perfection and priority of security interests in
letter-of-credit rights.
(1) Subject to Subsection (3), the local law of the issuer's jurisdiction or a nominated
person's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority
of a security interest in a letter-of-credit right if the issuer's jurisdiction or nominated person's
jurisdiction is a state.
(2) For purposes of this part, an issuer's jurisdiction or nominated person's jurisdiction is
the jurisdiction whose law governs the liability of the issuer or nominated person with respect to
the letter-of-credit right as provided in Section 70A-5-116.
(3) This section does not apply to a security interest that is perfected only under
Subsection 70A-9a-308(4).
Enacted by Chapter 252, 2000 General Session
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Last revised: Thursday, May 28, 2009