§ 554.9306 — Law governing perfection and priority of security interests in letter-of-credit rights

Iowa § 554.9306

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 554: UNIFORM COMMERCIAL CODE

Text

rights.
1. Governing law — issuer’s or nominated person’s jurisdiction. 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. 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 554.5116.
3. When section not applicable. This section does not apply to a security interest that is
perfected only under section 554.9308, subsection 4.