Kansas Statutes 84-9-306. 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 Kan. Stat. Ann. § 84-5-116, and amendments thereto.
Terms Used In Kansas Statutes 84-9-306
- 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.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(c) When section not applicable. This section does not apply to a security interest that is perfected only under Kan. Stat. Ann. 2023 Supp. 84-9-308(d), and amendments thereto.