8.9A-306 - A-306. Law governing perfection and priority of security interests in letter-of-credit rights. - Virginia Statutes

§ 8.9A-306. Law governing perfection and priority of security interests inletter-of-credit rights.

(a) Governing law; issuer's or nominated person's jurisdiction. Subject tosubsection (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. For purposes of this part,an issuer's jurisdiction or nominated person's jurisdiction is thejurisdiction whose law governs the liability of the issuer or nominatedperson with respect to the letter-of-credit right as provided in § 8.5A-116.

(c) When section not applicable. This section does not apply to a securityinterest that is perfected only under § 8.9A-308 (d).

(2000, c. 1007.)