Terms Used In Louisiana Revised Statutes 10:9-306

  • 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.
  • person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10

(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 La. Rev. Stat. 10:5-116.

(c)  When Section not applicable.  This Section does not apply to a security interest that is perfected only under La. Rev. Stat. 10:9-308(d).

Acts 1988, No. 528, §1, eff. Jan. 1, 1990; Acts 1989, No. 135, §7, eff. Jan. 1, 1990; Acts 1995, No. 884, §4, eff. Jan. 1, 1996; Acts 1995, No. 1201, §3, eff. June 29, 1995; Acts 2001, No. 128, §1, eff. July 1, 2001.