(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 sections 1309.301 to 1309.342 of 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 section 1305.15 of the Revised Code.
(C) This section does not apply to a security interest that is perfected only under division (D) of section 1309.308 of the Revised Code.
Effective Date: 07-01-2001
Section: Previous 1309.209 1309.210 1309.301 1309.302 1309.303 1309.304 1309.305 1309.306 1309.307 1309.308 1309.309 1309.310 1309.311 1309.312 1309.313 NextLast modified: October 10, 2016