South Dakota § 57A-9-306 Law governing issues of perfection and priority relating to letter

South Dakota Statutes

§ 57A-9-306 — Law governing issues of perfection and priority relating to letter

South Dakota·Title 57A UNIFORM COMMERCIAL CODE·Ch. 57A-6 SECURED TRANSACTIONS

(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 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 § 57A-5-116 .

(c)This section does not apply to a security interest that is perfected only under § 57A-9-308(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 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 § 57A-5-116 . (c) This section does not apply to a security interest that is perfected only under § 57A-9-308(d).

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