§490:9-306  Law governing perfection and
priority of security interests in letter-of-credit rights.  (a)  Subject to
subsection (c), 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 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 490:5-116.



(c)  This section does not apply to a security
interest that is perfected only under section 490:9-308(d). [L 2000, c 241, pt
of §1]