Wisconsin Statutes 409.306 – Law governing perfection and priority of security interests in letter-of-credit rights
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Wisconsin Statutes 409.306
- 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 all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
(1) Governing law: issuer’s or nominated person‘s jurisdiction. Subject to sub. (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.
(2) Issuer’s or nominated person’s jurisdiction. For purposes of this subchapter, 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 ch. 405.
(3) When section not applicable. This section does not apply to a security interest that is perfected only under s. 409.308 (4).