Ohio Code 1309.306 – Law governing perfection and priority of security interests in letter-of-credit rights – UCC 9-306
(A) Subject to division (C) of this section, 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 Ohio Code 1309.306
- 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.
- Letter-of-credit right: means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. See Ohio Code 1309.102
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Ohio Code 1309.102
(B) For purposes of sections 1309.301 to 1309.342 of the Revised Code, 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 1305.15 of the Revised Code.
(C) This section does not apply to a security interest that is perfected only under division (D) of section 1309.308 of the Revised Code.