Ohio § 1309.306 Law governing perfection and priority of security interests in letter-of-credit rights - UCC 9-306

Ohio Statutes

§ 1309.306 — Law governing perfection and priority of security interests in letter-of-credit rights - UCC 9-306

Ohio § 1309.306

Title 13Commercial Transactions

Ch. 1309Secured Transactions

This text of Ohio § 1309.306 (Law governing perfection and priority of security interests in letter-of-credit rights - UCC 9-306) is published on Counsel Stack Legal Research, covering Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ohio Rev. Code Ann. § 1309.306 (2026).

Text

(A)Subject to division (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 sections1309.301to1309.342of the Revised Code, 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 section1305.15of the Revised Code.

(C)This section does not apply to a security interest that is perfected only under division (D) of section1309.308of the Revised Code.

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(A) Subject to division (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 sections1309.301to1309.342of the Revised Code, 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 section1305.15of the Revised Code.

(C) This section does not apply to a security interest that is perfected only under division (D) of section1309.308of the Revised Code.