Iowa Code 554.9306 – Law governing perfection and priority of security interests in letter-of-credit rights
Current as of: 2023 | Check for updates
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1.
Governing law – issuer’s or nominated person‘s jurisdiction.
Subject to subsection 3, 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.
Terms Used In Iowa Code 554.9306
- 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.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
2.
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 section 554.5116.
3.
When section not applicable.
This section does not apply to a security interest that is perfected only under section 554.9308, subsection 4.