§ 25-9-306. Law governing perfection and priority of security interests in letter-of-credit rights. - North Carolina Statutes

§ 25‑9‑306.  Lawgoverning perfection and priority of security interests in letter‑of‑creditrights.

(a)        Governing law:issuer's or nominated person's jurisdiction. – Subject to subsection (c) ofthis section, the local law of the issuer's jurisdiction or a nominatedperson's jurisdiction governs perfection, the effect of perfection ornonperfection, and the priority of a security interest in a letter‑of‑creditright if the issuer's jurisdiction or nominated person's jurisdiction is astate.

(b)        Issuer's ornominated person's jurisdiction. – For purposes of this Part, an issuer'sjurisdiction or nominated person's jurisdiction is the jurisdiction whose lawgoverns the liability of the issuer or nominated person with respect to theletter‑of‑credit right as provided in G.S. 25‑5‑116.

(c)        When section notapplicable. – This section does not apply to a security interest that isperfected only under G.S. 25‑9‑308(d). (1945, c. 196, s. 2; 1957, c.564; 1965, c. 700, s. 1; 1967, c. 562, s. 1; 1975, c. 862, s. 7; 1989 (Reg.Sess., 1990), c. 1024, s. 8(e), (f); 1997‑181, s. 2; 1999‑73, s.4(a), (b); 2000‑169, s. 1.)