§ 6A-9-306. Law governing perfection and priority of security interests in letter-of-credit rights.
(a) Governing law: issuer’s or nominated person’s jurisdiction. 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) Issuer’s or nominated person’s jurisdiction. For purposes of this part, 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 § 6A-5-116.
(c) When section not applicable. This section does not apply to a security interest that is perfected only under § 6A-9-308(d).
History of Section.P.L. 2000, ch. 182, § 6; P.L. 2000, ch. 420, § 6.
Structure Rhode Island General Laws
Title 6A - Uniform Commercial Code
Chapter 6A-9 - Secured Transactions
Part 3 - Perfection and Priority
Subpart 1 - Law Governing Perfection and Priority
Section 6A-9-301. - Law governing perfection and priority of security interests.
Section 6A-9-302. - Law governing perfection and priority of agricultural liens.
Section 6A-9-304. - Law governing perfection and priority of security interests in deposit accounts.