Oregon Statutes - Chapter 79 - Secured Transactions - Section 79.0306 - UCC 9-306. Law governing perfection and priority of security interests in letter-of-credit rights.

(1) Subject to subsection (3) 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.

(2) For purposes of ORS 79.0301 to 79.0342, 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 ORS 75.1160.

(3) This section does not apply to a security interest that is perfected only under ORS 79.0308 (4). [2001 c.445 §26]

Section:  Previous  79.0209  79.0210  79.0301  79.0302  79.0303  79.0304  79.0305  79.0306  79.0307  79.0308  79.0309  79.0310  79.0311  79.0312  79.0313  Next

Last modified: August 7, 2008