Florida § 679.3061 Law governing perfection and priority of security interests in letter-of-credit rights

Florida Statutes

§ 679.3061 — Law governing perfection and priority of security interests in letter-of-credit rights

Florida § 679.3061

TitleXXXIX

Ch. 679UNIFORM COMMERCIAL CODE: SECURED TRANSACTIONS

This text of Florida § 679.3061 (Law governing perfection and priority of security interests in letter-of-credit rights) is published on Counsel Stack Legal Research, covering Florida primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Fla. Stat. § 679.3061 (2026).

Text

(1)Subject to subsection (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)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 s. 675.116.

(3)This section does not apply to a security interest that is perfected only under s. 679.3081(4).

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

(1) Subject to subsection (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) 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 s. 675.116.

(3) This section does not apply to a security interest that is perfected only under s. 679.3081(4).