Arizona § 47-9306 Law governing perfection and priority of security interests in letter-of-credit rights

Arizona Statutes

§ 47-9306 — Law governing perfection and priority of security interests in letter-of-credit rights

Arizona § 47-9306

Title 47Arizona Revised Statutes

Ch. 9SECURED TRANSACTIONS

Art. 3Perfection and Priority

This text of Arizona § 47-9306 (Law governing perfection and priority of security interests in letter-of-credit rights) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 47-9306 (2026).

Text

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 article, 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 47-5116.

C.This section does not apply to a security interest that is perfected only under section 47-9308, subsection D.

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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 article, 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 47-5116.

C. This section does not apply to a security interest that is perfected only under section 47-9308, subsection D.