§ 46-9-306 — Law governing perfection and priority of security interests in letter-of-credit rights

West Virginia § 46-9-306

• Jurisdiction: West Virginia
• Ch. 46: UNIFORM COMMERCIAL CODE
• Art. 9: SECURED TRANSACTIONS; SALES OF ACCOUNTS AND CHATTEL PAPER

Text

(a) Governing law: issuer's or nominated person's jurisdiction. Subject to subsection (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) 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 5-116.

(c) When section not applicable. This section does not apply to a security interest that is perfected only under section 9-308(d).

Legislative History

2000 Reg. Sess., SB469; 1995 Reg. Sess., SB441; 1974 Reg. Sess., SB60