As Amended
SEC. 75-9-306. Law governing perfection and priority of security interests in letter-of-credit rights [Effective January 1, 2002].
(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 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 Section 75-5-116.
(c) This section does not apply to a security interest that is perfected only under Section 75-9-308(d).
SOURCES: Former 1972 Code § 75-9-306 [Codes, 1942, §
41A:9-306; Laws, 1966, ch. 316, § 9-306; Laws, 1977, ch. 452,
§ 18; Laws, 1996, ch. 468, § 67, eff from and after July
1, 1996] is now found in comparable provisions enacted at § 75-9-315
by Laws, 2001, ch. 495, § 1. Present § 75-9-306 was derived
from 1972 Code § 75-8-110 [Laws, 1996, ch. 468, § 11, eff from
and after July 1, 1996] and former 1972 Code §§ 75-9-103 [Codes,
1942, § 41A:9-103; Laws, 1966, ch. 316, § 9-103; Laws,
1977, ch. 452 § 6, eff from and after April 1, 1978; Laws, 1990, ch.
384, § 47; Laws, 1996, ch. 460, § 21; Laws, 1996, ch. 468, §
56, eff from and after July 1, 1996] and 75-9-305 [Codes, 1942, §
41A:9-305; Laws, 1966, ch. 316, § 9-305; Laws, 1977, ch. 452,
§ 17; Laws,
1990, ch. 384, § 52, 1996, ch. 460, § 26; Laws, 1996,
ch. 468, § 66, eff from and after July 1, 1996] and was enacted by
Laws, 2001, ch. 495, § 1, HB 1311, eff from and after January 1, 2002.
PREVIOUS VERSIONS: Pre-2001