§ 6A-9-306 - Law governing perfection and priority of security interests in letter-of-credit rights. - Rhode Island Statutes

SECTION 6A-9-306

   § 6A-9-306  Law governing perfection andpriority of security interests in letter-of-credit rights. – (a) Governing law: issuer's or nominated person's jurisdiction. Subjectto subsection (c), 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 or nominated person's jurisdiction. Forpurposes of this part, an issuer's jurisdiction or nominated person'sjurisdiction is the jurisdiction whose law governs the liability of the issueror nominated person with respect to the letter-of-credit right as provided in§ 6A-5-116.

   (c) When section not applicable. This section does notapply to a security interest that is perfected only under § 6A-9-308(d).