Indiana § 26-1-9.1-306 Law governing perfection and priority of security interests in
letter-of-credit rights

Indiana Statutes

§ 26-1-9.1-306 — Law governing perfection and priority of security interests in letter-of-credit rights

Indiana § 26-1-9.1-306

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 9.1Secured Transactions

This text of Indiana § 26-1-9.1-306 (Law governing perfection and priority of security interests in letter-of-credit rights) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 26-1-9.1-306 (2026).

Text

(a)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)For purposes of IC 26-1-9.1-301 through IC 26-1-9.1-342, 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 IC 26-1-5.1-116.

(c)This section does not apply to a security interest that is perfected only under IC 26-1-9.1-308(d).

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(a) 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) For purposes of IC 26-1-9.1-301 through IC 26-1-9.1-342, 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 IC 26-1-5.1-116.
(c) This section does not apply to a security interest that is perfected
only under IC 26-1-9.1-308(d).