Utah § 70A-9a-306 Law governing perfection and priority of security interests in letter-of-credit rights.

Utah Statutes

§ 70A-9a-306 — Law governing perfection and priority of security interests in letter-of-credit rights.

Utah § 70A-9a-306

Title 70AUniform Commercial Code

Ch. 70A-9aUniform Commercial Code - Secured Transactions

Part 70A-9a-3Perfection and Priority

This text of Utah § 70A-9a-306 (Law governing perfection and priority of security interests in letter-of-credit rights.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 70A-9a-306 (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 Section 70A-5-116.

(3)This section does not apply to a security interest that is perfected only under Subsection 70A-9a-308(4).

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(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 Section 70A-5-116.
(3) This section does not apply to a security interest that is perfected only under Subsection 70A-9a-308(4).