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·Title 7 Commercial Code·Art. 9A Secured Transactions·Div. 1 Law Governing Perfection and Priority·Part 3 Perfection and Priority

(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).

Alabama § 7-9A-306 (Law Governing Perfection and Priority of Security Interests in Letter-of-Credit Rights) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.