Vermont Statutes Title 9 Sec. 9-306
Terms Used In Vermont Statutes Title 9 Sec. 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: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 9—306. Law governing perfection and priority of security interests in letter-of-credit rights
(a) Subject to subsection (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.
(b) 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 5—116 of this title.
(c) This section does not apply to a security interest that is perfected only under subsection 9—308(d) of this title. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)