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§ 1-9-306. Law governing perfection and priority of security interests in letter-of-credit righ...

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 9. Secured Transactions (Refs & Annos)
Part 3. Perfection and Priority (Refs & Annos)
12A Okl.St.Ann. § 1-9-306
§ 1-9-306. Law governing perfection and priority of security interests in letter-of-credit rights
Law governing perfection and priority of security interests in letter-of-credit rights
(a) 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) 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 of this title.
(c) This section does not apply to a security interest that is perfected only under subsection (d) of Section 1-9-308 of this title.

Credits

Laws 2000, c. 371, § 26, eff. July 1, 2001.
12A Okl. St. Ann. § 1-9-306, OK ST T. 12A § 1-9-306
Current with emergency effective legislation through Chapter 449 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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