Sec. 306. (a) Subject to subsection (c), the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a letter-of-credit right if the issuer's jurisdiction or nominated person's jurisdiction is a state.
(b) For purposes of IC 26-1-9.1-301 through IC 26-1-9.1-342, an issuer's jurisdiction or nominated person's jurisdiction is the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter-of-credit right as provided in IC 26-1-5.1-116.
(c) This section does not apply to a security interest that is perfected only under IC 26-1-9.1-308(d).
As added by P.L.57-2000, SEC.45. Amended by P.L.165-2001, SEC.4.
Structure Indiana Code
Article 1. Uniform Commercial Code
Chapter 9.1. Secured Transactions
26-1-9.1-102. Definitions and Index of Definitions
26-1-9.1-102.5. "Take Free"; "Takes Free"; "Takes the Money Free"; "Takes the Funds Free"
26-1-9.1-103. Purchase-Money Security Interest; Application of Payment; Burden of Establishing
26-1-9.1-104. Control of Deposit Account
26-1-9.1-105. Control of Electronic Chattel Paper
26-1-9.1-106. Control of Investment Property
26-1-9.1-107. Control of Letter-of-Credit Right
26-1-9.1-108. Sufficiency of Description
26-1-9.1-110. Security Interests Arising Under Ic 26-1-2 or Ic 26-1-2.1
26-1-9.1-201. General Effectiveness of Security Agreement
26-1-9.1-202. Title to Collateral Immaterial
26-1-9.1-204. After-Acquired Property; Future Advances
26-1-9.1-205. Use or Disposition of Collateral Permissible
26-1-9.1-206. Security Interest Arising in Purchase or Delivery of Financial Asset
26-1-9.1-207. Rights and Duties of Secured Party Having Possession or Control of Collateral
26-1-9.1-208. Additional Duties of Secured Party Having Control of Collateral
26-1-9.1-209. Duties of Secured Party if Account Debtor Has Been Notified of Assignment
26-1-9.1-210. Request for Accounting; Request Regarding List of Collateral or Statement of Account
26-1-9.1-301. Law Governing Perfection and Priority of Security Interests
26-1-9.1-302. Law Governing Perfection and Priority of Agricultural Liens
26-1-9.1-304. Law Governing Perfection and Priority of Security Interests in Deposit Accounts
26-1-9.1-305. Law Governing Perfection and Priority of Security Interests in Investment Property
26-1-9.1-306. Law Governing Perfection and Priority of Security Interests in Letter-of-Credit Rights
26-1-9.1-307. Location of Debtor
26-1-9.1-308. When Security Interest or Agricultural Lien Is Perfected; Continuity of Perfection
26-1-9.1-309. Security Interest Perfected Upon Attachment
26-1-9.1-314. Perfection by Control
26-1-9.1-315. Secured Party's Rights on Disposition of Collateral and in Proceeds
26-1-9.1-316. Continued Perfection of Security Interest Following Change in Governing Law
26-1-9.1-319. Rights and Title of Consignee With Respect to Creditors and Purchasers
26-1-9.1-321. Licensee of General Intangible and Lessee of Goods in Ordinary Course of Business
26-1-9.1-324. Priority of Purchase-Money Security Interests
26-1-9.1-325. Priority of Security Interests in Transferred Collateral
26-1-9.1-326. Priority of Security Interests Created by New Debtor
26-1-9.1-327. Priority of Security Interests in Deposit Account
26-1-9.1-328. Priority of Security Interests in Investment Property
26-1-9.1-329. Priority of Security Interests in Letter-of-Credit Rights
26-1-9.1-330. Priority of Purchases of Chattel Paper or Instrument
26-1-9.1-332. Transfer of Money; Transfer of Funds From Deposit Account
26-1-9.1-333. Priority of Certain Liens Arising by Operation of Law
26-1-9.1-334. Priority of Security Interests in Fixtures and Crops
26-1-9.1-336. Commingled Goods
26-1-9.1-337. Priority of Security Interests in Goods Covered by Certificate of Title
26-1-9.1-339. Priority Subject to Subordination
26-1-9.1-340. Effectiveness of Right of Recoupment or Setoff Against Deposit Account
26-1-9.1-341. Bank's Rights and Duties With Respect to Deposit Account
26-1-9.1-342. Bank's Right to Refuse to Enter Into or Disclose Existence of Control Agreement
26-1-9.1-401. Alienability of Debtor's Rights
26-1-9.1-402. Secured Party Not Obligated on Contract of Debtor or in Tort
26-1-9.1-403. Agreement Not to Assert Defenses Against Assignee
26-1-9.1-404. Rights Acquired by Assignee; Claims and Defenses Against Assignee
26-1-9.1-405. Modification of Assigned Contract
26-1-9.1-409. Restrictions on Assignment of Letter-of-Credit Rights Ineffective
26-1-9.1-503. Name of Debtor and Secured Party
26-1-9.1-504. Indication of Collateral
26-1-9.1-506. Effect of Errors or Omissions
26-1-9.1-507. Effect of Certain Events on Effectiveness of Financing Statement
26-1-9.1-508. Effectiveness of Financing Statement if New Debtor Becomes Bound by Security Agreement
26-1-9.1-509. Persons Entitled to File a Record
26-1-9.1-510. Effectiveness of Filed Record
26-1-9.1-511. Secured Party of Record
26-1-9.1-512. Amendment of Financing Statement
26-1-9.1-513. Termination Statement
26-1-9.1-514. Assignment of Powers of Secured Party of Record
26-1-9.1-516. What Constitutes Filing; Effectiveness of Filing
26-1-9.1-517. Effect of Indexing Errors
26-1-9.1-518. Claim Concerning Inaccurate or Wrongfully Filed Record
26-1-9.1-520. Acceptance and Refusal to Accept Record
26-1-9.1-521. Written Record Filing; Format
26-1-9.1-522. Maintenance and Destruction of Records
26-1-9.1-523. Information From Filing Office; Sale or License of Records
26-1-9.1-524. Delay by Filing Office
26-1-9.1-526. Filing—office Rules
26-1-9.1-602. Waiver and Variance of Rights and Duties
26-1-9.1-603. Agreement on Standards Concerning Rights and Duties
26-1-9.1-604. Procedure if Security Agreement Covers Real Property or Fixtures
26-1-9.1-605. Unknown Debtor or Secondary Obligor
26-1-9.1-606. Time of Default for Agricultural Lien
26-1-9.1-607. Collection and Enforcement by Secured Party
26-1-9.1-609. Secured Party's Right to Take Possession After Default
26-1-9.1-610. Disposition of Collateral After Default
26-1-9.1-611. Notification Before Disposition of Collateral
26-1-9.1-612. Timeliness of Notification Before Disposition of Collateral
26-1-9.1-613. Contents and Form of Notification Before Disposition of Collateral; General
26-1-9.1-615. Application of Proceeds of Disposition; Liability for Deficiency and Right to Surplus
26-1-9.1-616. Explanation of Calculation of Surplus or Deficiency
26-1-9.1-617. Rights of Transferee of Collateral
26-1-9.1-618. Rights and Duties of Certain Secondary Obligors
26-1-9.1-619. Transfer of Record or Legal Title
26-1-9.1-621. Notification of Proposal to Accept Collateral
26-1-9.1-622. Effect of Acceptance of Collateral
26-1-9.1-623. Right to Redeem Collateral
26-1-9.1-625. Remedies for Secured Party's Failure to Comply With Chapter
26-1-9.1-626. Action in Which Deficiency or Surplus Is in Issue
26-1-9.1-627. Determination of Whether Conduct Was Commercially Reasonable
26-1-9.1-703. Security Interest Perfected Before Effective Date
26-1-9.1-704. Security Interest Unperfected Before Effective Date
26-1-9.1-705. Effectiveness of Action Taken Before Effective Date
26-1-9.1-706. Filing of Initial Financing Statement; Effectiveness of Financing Statement
26-1-9.1-707. Pre-Effective-Date Financing Statement
26-1-9.1-708. Persons Entitled to File Initial Financing Statement or Continuation Statement
26-1-9.1-801. Transactions or Liens Entered Into or Created Before July 1, 2013
26-1-9.1-802. Security Interest Perfected Before July 1, 2013
26-1-9.1-803. Security Interest Unperfected Before July 1, 2013
26-1-9.1-804. Effectiveness of Action Taken Before July 1, 2013
26-1-9.1-806. Amendment of Financing Statement Filed Before July 1, 2013
26-1-9.1-807. Person Entitled to File Initial Financing Statement or Continuation Statement
26-1-9.1-902. Judicial Reviews of Financing Statements; Pro Se Motions