47-9306. Law governing perfection and priority
of security interests in letter-of-credit rights
A. Subject to subsection C of this section, 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.
B. For purposes of this article, 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
47-5116.
C. This section does not apply to a security interest that is perfected only under
section 47-9308, subsection D.
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