Indiana Code 26-1-9.1-306. Law governing perfection and priority of security interests in letter-of-credit rights
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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.
(c) This section does not apply to a security interest that is perfected only under IC 26-1-9.1-308(d).
(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.
Terms Used In Indiana Code 26-1-9.1-306
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
As added by P.L.57-2000, SEC.45. Amended by P.L.165-2001, SEC.4.