400.9-306. Law governing perfection and priority of security interests in letter-of-credit rights. - Missouri Statutes

Law governing perfection and priority of security interests inletter-of-credit rights.

400.9-306. (a) Subject to subsection (c), the local law of theissuer's jurisdiction or a nominated person's jurisdiction governsperfection, the effect of perfection or nonperfection, and the priority ofa security interest in a letter-of-credit right if the issuer'sjurisdiction or nominated person's jurisdiction is a state.

(b) For purposes of this part, an issuer's jurisdiction or nominatedperson's jurisdiction is the jurisdiction whose law governs the liabilityof the issuer or nominated person with respect to the letter-of-creditright as provided in section 400.5-116.

(c) This section does not apply to a security interest that isperfected only under section 400.9-308(c).

(L. 1963 p. 503 § 9-306, A.L. 1988 S.B. 583, A.L. 1995 S.B. 178, A.L. 1997 S.B. 6, A.L. 2001 S.B. 288)

Effective 7-01-01