70A-9a-306 - Law governing perfection and priority of security interests in letter-of-credit rights. - Utah Statutes

70A-9a-306. Law governing perfection and priority of security interests inletter-of-credit rights.
(1) Subject to Subsection (3), the local law of the issuer's jurisdiction or a nominatedperson's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priorityof a security interest in a letter-of-credit right if the issuer's jurisdiction or nominated person'sjurisdiction is a state.
(2) For purposes of this part, an issuer's jurisdiction or nominated person's jurisdiction isthe jurisdiction whose law governs the liability of the issuer or nominated person with respect tothe letter-of-credit right as provided in Section 70A-5-116.
(3) This section does not apply to a security interest that is perfected only underSubsection 70A-9a-308(4).

Enacted by Chapter 252, 2000 General Session