679.3061 Law governing perfection and priority of security interests in letter-of-credit rights.—
(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 s. 675.116.
(3) This section does not apply to a security interest that is perfected only under s. 679.3081(4).
History.—s. 3, ch. 2001-198.
Section: Previous 679.3011 679.3021 679.3031 679.3041 679.3051 679.3061 679.3071 679.3081 679.3091 679.3101 679.3111 679.3121 679.3131 679.3141 679.3151 NextLast modified: September 23, 2016