Alabama § 7-9A-306 Law Governing Perfection and Priority of Security Interests in Letter-of-Credit Rights

Alabama Statutes

§ 7-9A-306 — Law Governing Perfection and Priority of Security Interests in Letter-of-Credit Rights

Alabama § 7-9A-306

JurisdictionAlabama

Title 7Commercial Code

Art. 9ASecured Transactions

Div. 1Law Governing Perfection and Priority

Part 3Perfection and Priority

This text of Alabama § 7-9A-306 (Law Governing Perfection and Priority of Security Interests in Letter-of-Credit Rights) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 7-9A-306 (2026).

Text

(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 Section 7-5-116.

(c)When section not applicable. This section does not apply to a security interest that is perfected only under Section 7-9A

Free access — add to your briefcase to read the full text and ask questions with AI

(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 Section 7-5-116.
(c) When section not applicable. This section does not apply to a security interest that is perfected only under Section 7-9A-308(d).